A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block a timestamp, and transaction data (generally represented as a Merkle tree).
By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger” that can record transactions between two parties efficiently and in a verifiable and permanent way.
What are the three main problems plaguing the digital identity space which the blockchain can solve?
- Digital units shouldn’t be easy to replicate.
- Digital files should be tamper proof.
- Digital processes should be tamper proof.