Blockchain is a distributed open ledger of transactions. Every block is linked to another block, so we have some kind of chain, hence the name. Blockchain is used not only in Bitcoin. Bitcoin was first of its kind.
The key of blockchain is eliminating the third party and irreversibility of data.
I recommend reading this guide.
Topic: BTC works how? (Read 357 times)
I'll have to agree with the OP on the fact that it's not quite an easy concept to grasp with for a newbie especially if you wanna go deep into inner areas of the technology
But for a start it's best to start off at the grassroot and just understand the basic terminologies that'll aid you,and as time goes on,so also your knowledge grows
If you read the aforementioned articles by other members you'll be able to understand the basics of the blockchain technology,no need going deep at the beginning
But for a start it's best to start off at the grassroot and just understand the basic terminologies that'll aid you,and as time goes on,so also your knowledge grows
If you read the aforementioned articles by other members you'll be able to understand the basics of the blockchain technology,no need going deep at the beginning
If you are not interested in reading, then there is a channel on YouTube Blockchain Tutorial, where the author very clearly tells what the blockchain is and how it works.
Lets keep it simple to understand blockchain technology is a connected records of every transactions that cannot be erased nor destroyed by anyone else this records are like public ledgers that you can easily trace over the internet depends on how the blockchain is created whether for public or private.
Blockchain is one technology that does not use third parties in a process of data exchange which in this case occurs in the transaction process. Simply put, if you buy something at the store by paying using a debit card, the store will believe the balance you entered has entered into their account. Well, the third party referred to here is a bank company that is the liaison between the buyer and seller in making transactions using the debit card.
Blockchain technology is not bitcoin's 'main thing', it is a block ledger system which has been in existence before Bitcoin was created. It was leveraged on, modified amd improved on to make bitcoin decentralized, open source, transparent, and immutable.
Read articles and watch videos which explain it, the concept is pretty simple on the surface. It gets more complex the deeper you delve.
Read articles and watch videos which explain it, the concept is pretty simple on the surface. It gets more complex the deeper you delve.
Blockchains have been around since at least the 1960s. The big revolution with Bitcoin has been immutability through cryptography, and the decentralisation of the ledgers.
Read through this article titled Blockchain for Dummies - The five keys to understanding what is the Blockchain
https://medium.com/swlh/blockchain-for-dummies-d3daf2170068
It should give you a basic overview of blockchain technology.
https://medium.com/swlh/blockchain-for-dummies-d3daf2170068
It should give you a basic overview of blockchain technology.
BTC works how?
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