what is blockchain

Blockchain is the latest technology, whose interest has grown with the popularity of cryptocurrencies. Today it is widely discussed not only in the world of finance. They are already trying to use the blockchain to store and process personal and identification data, in marketing and computer games.

  • “There is no way to delete things in the lockout, the information that had previously been stored in the lockout, It is not edited or deleted, but a new record appears stating that there is less information where the information was.”

Blockchain is also called distributed ledger technology, because the entire transaction chain and the current list of owners are stored on their computers by many independent users. Even if one or more computers fail, the information will not be lost.

We collect concepts that are often used when discussing blockchain. They will help you understand how distributed reason technology works.

In the blockchain, the owner’s record is not stored on an organization’s server. Your copies are updated simultaneously on many independent computers connected via the Internet.

As a result, in the blockchain, records with data on asset owners cannot be forged. After all, this data is stored on the computers of a large number of participants in the network. And in order for all users’ information to be absolutely complete and correct, the concept of consensus was introduced in the blockchain.

If some participants in the network turn off their computers and some of the transactions are not reflected or their records are incorrect, it will not affect the functioning of the network. The consensus procedure, that is, reaching an agreement, will restore the correct information.

In real blockchain networks, several transactions take place over a period of time. And transaction records are included in a block.

A block is a ledger record distributed over several transactions. It reflects who transferred to whom and when what amount of assets.

The blockchain is inseparable, as each block contains a link to the previous one. Blocks cannot be changed or deleted, only new ones can be added. So you can always restore the transfer history of a specific asset from hand to hand and discover its current owner.

Miners perform several functions on the blockchain:

store copies of the blockchain and thus protect information from loss or forgery;

confirm transactions;

checks transactions that have been recorded by other miners.

  • Click and discover the origin of Blockchain
  • Some experts say Bitcoin and cryptocurrencies are just a scam; others say they are “the most important invention since the Internet”. It is difficult to say who is right. We recommend reading Blockchain Bubble or Revolution to get even more on the subject. Click on the button below to view the book.
  • Enjoy and stay ahead, see what is bitcoin mining

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bruno costa