Topic: How would you define the BLOCKCHAIN? (Read 275 times)
Blockchain is a digital ledger and commonly known as the database. It is a ledger because it records all transaction that are happening inside bitcoin system it is recorded publicly and chronologically. It is also known as database because this is the place where data or information are being stored. It is secured by cryptograph. Most of the business use blockchain technology. It is very appilicable in storing information more secured and precised.
I think the blockchain is like a pizza, wrapped in a variety of foods that can be shared for everyone to eat at the same time!
The blockchain is a technology of storage and transmission of information, transparent, secure, and functioning without a central control body.
Omg😱
Simple words - Blockchain is a database. In the world of crypto, this term refers to the place where the information is stored. Blockchaine is often referred to as a distributed database where all the records we have inserted are stored forever. Data is stored in separate storage units called "block". These blocks are included in the string one after the other, therefore "chain". The database is protected by encryption so it guarantees the security of information. I do not write the exact definition, everyone can find it from Wikipedia.
What is you own favorite definition or explanation?
my simple definition of blockchain is distributed public ledger that three words definition should be easily enough to understand and represent blockchain
if someone wants to know more about blockchain then he needs to read the underlying system
below is blockchain definition found on wiki
Quote from: https://en.bitcoin.it/wiki/Block_chain
Block chain
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol.
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol.
blockchain is an open ledger where you can see all your incoming and outgoing transactions. bitcoin is the first coin who practiced this system
If it were me, I will define blockchain as a new network that helps decentralize trade, and allows for more peer-to-peer transactions. This definition is short and simple enough, I think.
Blockchain is an encrypted database of agreements. It serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship.
I think a definition is not enough for those who are just beginers. So more detailed explanation is better.
As Wikipedia, Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
I go through its key features:
- Blockchain keeps a record of all data exchanges
- It utilizes a distributed system to verify each transaction
- Once signed and verified, the new transaction is added to the blockchain and can not be altered
Hope you will have a clearer visualization
As Wikipedia, Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
I go through its key features:
- Blockchain keeps a record of all data exchanges
- It utilizes a distributed system to verify each transaction
- Once signed and verified, the new transaction is added to the blockchain and can not be altered
Hope you will have a clearer visualization
A blockchain is a decentralized or brought together encoded database in which each new section is enrolled through a block of entries approved by numerical figuring through a system of PCs, without the capacity to return.
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
it is interesting that all these results from a google search about "what is blockchain" call it a "decentralized" ledger. like this one that you copied from Wikipedia!
well blockchain is simply a chain of blocks which is made using cryptography. it is used in a decentralized manner in bitcoin but from what i understand there is no reason to use it in a decentralized way. you can see that clearly in many centralized altcoins that are also using the blockchain technology. which leads me to say that a better word for it is distributed ledger.
what the community is doing is this.
for the open decentralised(atbest) definition.. they call blockchain
for the closed / distributed within authorised userset definition.. they call DLT (distributed ledger technology)
however the way things are going where only one team get to dominate the direction of protocol changes and make demands that an upgrade is mandatory.. yea the old definition of blockchain is starting to lose its 'decentralisation' ethos
According to me blockchain is a revolutionary technology set to change data storage system in a decentralized manner.This technology can be use in all forms of industries from medical to mechanical for storing data in more precise and secure manner.It can be cost efficient as well as with lightning speed.In many nation blockchain system is set to replace many traditional banking system.
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
it is interesting that all these results from a google search about "what is blockchain" call it a "decentralized" ledger. like this one that you copied from Wikipedia!
well blockchain is simply a chain of blocks which is made using cryptography. it is used in a decentralized manner in bitcoin but from what i understand there is no reason to use it in a decentralized way. you can see that clearly in many centralized altcoins that are also using the blockchain technology. which leads me to say that a better word for it is distributed ledger.
what the community is doing is this.
for the open decentralised(atbest) definition.. they call blockchain
for the closed / distributed within authorised userset definition.. they call DLT (distributed ledger technology)
however the way things are going where only one team get to dominate the direction of protocol changes and make demands that an upgrade is mandatory.. yea the old definition of blockchain is starting to lose its 'decentralisation' ethos
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
it batches up data into a BLOCK of data, gets the community to verify the data and specialised equipment to make an identifier of that block hard to replicate and then puts the identifier of the previous block into the next BLOCK to CHAIN them together
to such an extent that no single person can simply edit a small piece of existing data because that editors version wont match the chain of blocks everyone else has
What I know Blockchain is a general ledger system, where there is a record of every transaction that ever existed in the form of a decentralized database network. Each transaction data is recorded in an entity block and each block is connected to an existing block like a chain.
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
it is interesting that all these results from a google search about "what is blockchain" call it a "decentralized" ledger. like this one that you copied from Wikipedia!
well blockchain is simply a chain of blocks which is made using cryptography. it is used in a decentralized manner in bitcoin but from what i understand there is no reason to use it in a decentralized way. you can see that clearly in many centralized altcoins that are also using the blockchain technology. which leads me to say that a better word for it is distributed ledger.
Blockchain is the distributed, public digital ledger. It is made for bitcoin and its look like a chain of blocks. It is linked and secured by cryotograph. Blockchsin was made as the record list of transaction that was happening between two parties or inside the bitcoin. It also called as a database because it records all the data chronologically and publicly.
Blockchain is a decentralized, decentralized technology. It is a system owned by the whole community that uses it and does not focus on any individual or organization. This is the most secure and convenient technology ever
If for a layman who has not understood blockchain it feels strange but it can all be explained and it is true that blockchain is a ledger that stores all transaction data.
The blockchain is a technology of storage and transmission of information, transparent, secure, and functioning without a central control body.
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