Blockchain involves various computers that are located in different states around the world so that the jurisdictions and applicable laws are questionable and assumingly not known to the parties using the blockchain technology.
In principle a blockchain is a distributed ledger, that can be defined as a replicated, shared, and synchronized digital data structure maintained by consensus algorithm and spread across multiple locations, countries, and/or institutions. In the blockchain digitally recorded data are stored in packages called blocks which are linked together in chronological order. It is technically very difficult to change the order such blocks, without changing the order of all subsequent blocks. Each block on the network contains a complete copy of the entire ledger, from the first block created to the most recent block and each block contains a hash pointer as a link to a previous block, a timestamp and transaction data. Continue Reading