12.8 Blockchain Technology
Blockchain technology is one of the newest developments in distributed data management that uses P2P computing to securely manage a form of data known as distributed ledgers. A distributed ledger is an append-only data log that is used to record transactions, such as financial or contractual activities, that occur among the peers in a network. The fact that a blockchain uses P2P computing means that transactions can be conducted without having a third party involved. For example, payments involving the transfer of money can be conducted between two parties without the use of a bank. Data can only be added to the blockchain in a time-sequenced order. As a result, data that is already in the blockchain can never be modified, ...
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