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Welcome to the block-chain wiki!

I would like to be precise with what I’m writing here and not the long lines:

Block-chain?

• By design, the block-chain is decentralized technology.

• Incorruptible digital ledger of transactions.

• No single point of failure.

• cannot be controlled by single entity.

• Network of Computing Nodes makes up block chain.

• Decentralized databases applications consensus.

• Smart Contracts.

• Proof of work/stake.

• Trusted advanced computing.

  +'s

• Accountability, Robustness, Durability.

• No more missed transactions, machine or human errors.

• No exchanges without consent of parties involved.

• Records the validity of the transaction not only on one centralized location but on the distributed ones.

• Transparent, Incorruptible.

• Network lives in state of consensus, and self auditing ecosystem of digital value.

• Network reconciles every transaction that happens in ten minute intervals. Each group of this transaction referred as BLOCK.

• Bitcoin is managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis. The forms of mass collaboration this makes possible are just beginning to be investigated.

  -'s

  There is a possibility to alter the unit of data or information on the block-chain by using large amount of computing power to override the entire network but which is highly unlikely to happen.

Some of the Block Chain E.g.., Documents of any type cannot be edited by multi-users, but google docs made it simple by making the distributed data to be editable by multiple users at once. This is so called Distributed databases.

Network of Nodes: NODE: Computer connected to the block-chain network using a client that performs the task of validating and relaying transactions gets a copy of the block-chain, which gets downloaded automatically upon joining the block-chain network.

• Every single node is administrator of block-chain.

• Each node has an incentive for participating in the network: the chance of winning Bitcoins.

I have created another page where we discuss about the use-cases of the block-chain. Please jump in there to see if you can add your valuable suggestions or help in improving this wiki.

DISCLAIMER: If you find any information as inappropriate, not correct, and/or plagiarized then please reach out to the wiki owner for correction.

Sources:
Ian Khan, TEDx Speaker
Vitalik Buterin, Ethereum Founder/Inventor