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Thread: What is Blockchain?

  1. #1

    What is Blockchain?

    Similar to how the world was changed and shaped by the advent of the internet, the future of Blockchain technology is set to change the world and the way in which individuals carry out their business.

    A Blockchain is a decentralized and secure database built over a secure network used to store data and relay information. Blockchains record and relay information and transactional data in blocks. Parties involved in these transactions can remain anonymous while enjoying security, transactional transparency, speed, and cost efficiency.

    Data in a Blockchain gets recorded in a linear matter, with each new block within a Blockchain containing data from all previous blocks. Imagine a block to be sort of like a sheet of paper, filled from top to bottom and front to back, with a date and time but with a long code written across the sheet.
    The data within these blocks is encrypted through the use of complex cryptographic principles and security algorithms.

    Before being added to a Blockchain, transactions must first pass validation. This validation is performed by miners. For their efforts, miners enjoy monetary reward in the form of cryptocurrencies, such as Bitcoin.
    As many of our frequent readers may have noticed already, there is quite a bit of hype surrounding the uses of Blockchain technology - but why? For starters, itís a technology that will change the world. It can provide decentralization. The data contained and relayed within a Blockchain architecture cannot be controlled by a single entity. Transactions and information stored within are immutable and transparent. Once a transaction is added, it canít be changed, taken down, or hidden. With regard to transparency, anyone can see what was sent and when. One can assume that there are two individuals behind a Blockchain transaction, but not exactly who and why.

    Learn more about what is blockchain used for in the article https://mlsdev.com/blog/the-future-o...and-challenges



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  3. #2
    A blockchain, originally block chain, 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. For their efforts, miners enjoy monetary reward in the form of cryptocurrencies, such as Bitcoin, Ripple, Ethereum. As many of our frequent readers may have noticed already, there is quite a bit of hype surrounding the uses of Blockchain technology.

  4. #3
    According to the definition specified by Wikipedia:- A Blockchain, originally block chain is a growing list of records, called blocks, which are linked using cryptography. Blockchain technology has taken the world by storm. This technology has become an unavoidable aspect of cryptocurrency transactions. The Blockchain is considered the new age technology that can be used for a variety of purposes. This technology is also known as "Public Ledger" or "Distributed Ledger" or even as a "Digital Ledger." One of a unique feature of this technology is that it facilitates decentralized computing and eliminates any centralized authority involved.



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