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Theodore Michelson

What is Crypto blockchain?


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Hi, thank you for your question! 

Blockchain is a record-keeping technology connected to the cryptocurrency. It is a chain of blocks, which when it comes to cryptocurrency means digital information stored in a public database. Block are consisting of three parts:
They store information about transactions such as date, time, and dollar amount of your last online purchase
They store information about the participants in the transactions, such as buyers and sellers, where they create a combination consisting of sellers and buyers’ initials or usernames.
They store unique information that diversifies them from other blocks, called “hashs”, they act as identification codes.

So blockchains act as medians of trade, which store information about it on them, but in order to do so, these things have to happen:
The transaction must occur, in order for it to be stored on a blockchain.
The transaction must be verified by the regulatory body.
The transaction must be stored on a blockchain.
The block must be given a hash, which will give them identification, and make them part of a blockchain.

Blockchain is moving on to be a really important median of transactions, providing more security, decentralizing them, and making them more accessible and transparent.

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