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Johnshon

Blockchain

Question

Hi, I have just joined this forum. As a newbie, I have a little knowledge about cryptocurrency. I have heard that it is a classified sector where people can utilize their actual skills. I am interested to know about blockchain. I have come to know that it is a complex subject. Can you help me understand it in a very simple way? 

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Hi Johnson,

When you think of Blockchain, picture blocks made up of growing lists of records. These blocks are interlinked through cryptography. The resulting chain of blocks has data modification resistance characteristics. The result is a permanent distributed and open ledger, recording transactions between two interested parties, without a go-between, done efficiently, and in a manner, you can easily verify.
Another explanation has it that a blockchain contains several blocks. Every block records transactions of specific data. Data may be about anything, such as voting records, medical data, or cryptos. Once a block becomes complete, and you cannot add new data, it gets added to the chain, and the process to create another block begins.
Information within a blockchain is available publicly, for it’s a decentralized computer system. Information goes on numerous computers distributed worldwide. No party or authority has control over this information.
Every blockchain transaction automatically gets secured through acquiring a digital signature that proves its authenticity. With encryption and digital signatures, information on blockchains cannot be tampered with nor changed.
In essence, blockchain technology enables participants in a network to agree through what is known as a consensus. That way, fraud, and duplication are eliminated without third-party authentication.
 

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