Topic: Blockchain In Simple Terms? (Read 176 times)

The technique is intended to timestamp digital documents so that it's not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need of a central server.It could not work in absence of internet as it is required to connect to the servers.In Technical terms it has deep meanings which you will understand if you learn about it.

I've read some articles on it, watched some youtube videos, I still am confused about blockchain. From what I gather, blockchain technology gets rid of the middleman and allows for peer to peer transaction. I watched a video where a guy explained how with Uber, you don't get the money directly, some of it has to go to Uber before you can get it. But with blockchain, you get the money directly. I mean I can see this being great for people who know how to market themselves well and don't need the middle man. Maybe I just don't understand it.... Can someone kindly explain in simple terms what exactly is blockchain technology?

don't be discouraged. i learn it since 2016 and i still thingking i am a noob until now. you don't need to understand all the experts explanation about blockchain technology. you only need to understand how it works.
the one simple term i can understand is "you don't need a bank, you can be your own bank".

It is impossible to delete anything from the received base or to replace the block. The base has no limits, it can be supplemented endlessly. This is the biggest advantage of blockchain. 

The bitcoin blockchain is a public ledger that records bitcoin transactions.[102] It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block[d] of the chain. A network of communicating nodes running bitcoin software maintains the blockchain.

A blockchain,[1][2][3] originally block chain,[4][5] is a growing list of records, called blocks, that are linked using cryptography.[1][6] Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of its data. This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain has been described as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[7]

The blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[1] The identity of Satoshi Nakamoto remains unknown to date. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications[1][3] and blockchains that are readable by the public and are widely used by cryptocurrencies. The blockchain is considered a type of payment rail.[8] Private blockchains have been proposed for business use but Computerworld called the marketing of such privatized blockchains without a proper security model "snake oil".[9] However, others have argued that permissioned blockchains, if carefully designed, may be more decentralized in practice than permissionless ones.[10]