Policy analysis of blockchain

Abstract

Blockchain is simply just a chain of blocks at its most basic level but not in the traditional sense of those terms. We're actually talking about digital information (the "box") contained in a public database (the "web") when we're using the words "block" and "chain." Every block has three specific parts: 1) Blocks store details about your most recent purchase, such as the date, period and dollar amount. 2) Blocks store information on who takes part in transactions. Instead of using your actual name, your transaction is registered using a special "digital signature," kind of like a username, without any identifying information. 3) Blocks store information which differentiates them from other blocks. To differentiate it from all the other blocks, each block stores a unique code called a "hash". Hashes are cryptographic codes generated by algorithms of specific nature. A single block can actually store up to 1 MB of data. So, a single block can house a few thousand transactions under one roof.