BLOCKCHAIN assignment

Blockchain is a ledger that keep track of any updates, transactions, or reports of activities safely and cannot be change once it’s recorded, each records are grouped in to block and shared.

History timeline of Bitcoins:

1980s → Early digital money ideas
↓
1991 → Digital records protected with timestamps
↓
1998 → Decentralized digital money ideas
↓
2004 → Proof of Work development
↓
2008 → Bitcoin idea published
↓
2009 → Bitcoin launched
↓
2015 → Ethereum + smart contracts

Differences between Blockchain and Traditional

Blockchain	Traditional
All reports can’t be edited after records.	Records can be edited at anytime.
Can be controlled by multiple accounts.	Only be controlled by one administrator or organization.
Datas are grouped into blocks in chronological order.	Data is commonly organized into tables, row, and columns.

Example:

In traditional banks, all datas, transfers and withdrawals history are kept by the bank. With Blockchain, user can easily have access to their history activities without having to worry about their datas being edited behind their back.

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