What is a Blockchain?

The blockchain is one of the biggest buzzwords in technology these days. There are, however, a few concrete definitions of what a Blockchain is:

The block itself is a data container. It stores millions of transaction entries.

A Blockchain is a digitized entity. Information which you put into a form of a series of numbers 0 and 1, is to be understood and used by a computer. Also, it is decentralized, which allows users to buy and sell cryptocurrencies directly between buyer and seller - no middleman is involved. The public ledger keeps a record which maintains identities in a secure and anonymous form.

To make it more simple: a Blockchain is a series of numbers (digitized) where users buy and sell (decentralized) and keep a record (public ledger) of transactions. As a general technology, it may seem quite abstract. This technology has the ability to make it transparent, democratic, decentralized, efficient and secure.

A block is the current part of a blockchain. The chain is constantly growing as completed blocks and is recorded - added to chronological order. It allows the market to keep track of digital currency transactions. Each node, a device on the blockchain network, gets a copy of the Blockchain - every computer connects to a node, for example, the Bitcoin network. The most popular software implementation of full nodes is called Bitcoin Core. Blockchains are permanent because is not centralized. It is in plenty of computers and works as servers a network which everyone can see. To alter it or make it corruptible is impossible.

This tamper-resistant record has originally been developed for the virtual currency Bitcoin. Blockchains which use what's known as distributed ledger technology (DLT) are appearing on a variety of commercial applications today. Authenticity can be verified by the entire community using the Blockchain. The Blockchain provides an open, decentralized database of any transaction which has value like money, music, and patents.

This Blockchain might disrupt many industries like Banking and payment, Insurance, Real Estate, Retail, Government and Cloud Storage. In the case of banking, some say it will do the same as what the internet did to media. The blockchain can give access to billions of people around the world, including in third world countries. Bitcoin allows anyone to send money everywhere in the world. The transactions fees are very low and operate faster, more efficient and secure. Blockchain technology is wide open and plenty of opportunities in the future exist. If your industry deals with data or transactions of any kind it might be disrupted by the Blockchain technology.


 

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