Topic: What Is A Blockchain - page 6. (Read 1722 times)

Blockchain is a security system that contains bitcoin user data that is connected between one bitcoin user's computer with another bitcoin user's computer. The blockchain security system is governed by every computer user connected to a blockchain network, so it can be said that the blockchain system has no control center.

If there is a Blockchain revolution, then we will move from Internet, where the monitoring, mediation and monetization of information and transactions in the network, to the Internet, motivated by a reduction in the cost of the generation, regulation and implementation of public and commercial agreements focusing on ethical, security, cooperation, inviolability of personal data in all transactions and in the creation and distribution of values. This is a reversal of the strategy by 180 degrees. The result can be the economy of equitable participants with institutions that will be truly distributed, barrier-free and giving new opportunities. The new platform fundamentally redefines what and how we can do online and who participates in it, and thus is even able to create technological conditions for solving the most pressing social and economic problems.
If this task can not be coped, then the promising technology of blockchain will be limited or even destroyed. Worse, it can turn into an instrument of powerful institutions by which they will protect their fortune, or, if it is accessed by the government, into a platform for a new society of total surveillance. Closely related technologies of distributed software, encryption, autonomous agents and even artificial intelligence can get out of control and turn against their creators.

Blockchain is, first of all, complete transparency and trust between all participants in the chain. Imagine that you can trace every dollar that you donated on your smartphone to the Red Cross, from the starting point to the end, to the specific person who was helped by your money. In this is the great strength of Blokchain technology.

Block chain system is the publicly distributed ledger system which records all the bitcoin transactions carried out from all over the globe, the bitcoins and block chain system has brought a revolutionary change in the financial industry for transferring funds and making payments through bitcoin network world wide for products and services offered from any part of the world. All the transactions are recorded in the block chain technology which can be tracked by all and there is no hidden transactions and so no manipulation in the transactions which means the transactions are clear and transparent.

Originally a block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain.well this is just a brief.

I only know little about blockchain, I think blockchain is a data structure that can not be changed can only be added only. Each data from this blockchain is connected where if there is a change in one of the data block it will affect the next data. With this blockchain every transaction from bitcoin is stored in an Open Ledger (Ledger) which is distributed into bitcoin networks. Each blockchain will be distributed to each computer connected to the network. In each addition of data there will be check whether the data is valid or not which is usually called mining process or known in other term Proof of work.

Bitcoin is a blockchain, but blockchain is not Bitcoin.
 Blockchain is Bitcoin's underlying technology.
The first reason is that with blockchain technology being born with Bitcoin, it can be said that without Bitcoin, blockchain technology may be much later.

Blockchain is an open and distributed ledger with continuously growing list of records (blocks). Blocks are linked in secured manner using cryptographic techniques.
A Block contains;
a.      Index
b.      Previous block’s hash
c.      Timestamp
d.      Data (Transaction – related to Cryptocurrency)
e.      Digital Signatures
f.       Nonce (Proof of work )
g.      Hash

Advantages
a.      Double spending proof
b.      Decentralized System
c.      Peer-to-peer network
d.      Low or No Transaction Fees
e.      High security (cryptographic techniques)
f.       Maintain anonymity

Disadvantages
a.      Need high computational power (not for normal users)
b.      Power consumption
c.      Updating the system is very difficult

The blockchain is a digital ledger where transactions involving cryptocurrencies happens. Also, Blockchain is a technology that securely transfers data based on a very complex coding system, similar to a company's accounting ledger, where cash is closely monitored for the use of individuals.

blockchain uses a decentralized system that enables efficiency. When a person buys a bitcoin coin, a computer system connected to a blockchain network will record and provide validity automatically. So, minimal error, fast, cheaper and easier.

Blockchain takes advantage of consensus, a condition that is achieved when all participants in the network agree on the validity of a transaction by recording what is recorded by the computer in large data matching each other.

All of a sudden, blockchain is everywhere. The technology, which was invented in 2008 to power Bitcoin when it launched a year later, is being used for everything from copyright protection to sexual consent (yes, really).

Considering the daily churn of news around blockchain, not to mention the skyrocketing value of Bitcoin and other cryptocurrencies that rely on the technology, you may be wondering what the hell blockchain actually is. It’s actually a pretty simple concept, though things quickly get more complicated the harder you look.

With that in mind, here are a few different ways to wrap your head around blockchain, from straightforward definitions to far-reaching metaphors.

I think you would be pretty familiar with the programming and the coding language so the deal is in simple terms blockchain is a program that is completely unique and it in fact brought revolutionary break though since it was invented.
It's kind of linked blocks ( transaction or value processing points ) wherein the whole system is as a whole secured using cryptography.
( Search a lil about cryptography ( related to coding and stuff not the chemistry one ) )

Don’t forget about the best feature of blockchains: It’s verifiable. Everything is open for anyone to easily audit and verify it. And because you may or may not be technical enough to check every blockchain directly.

Most of the world of cryptocurrency technologies such as Bitcoin rely on database forms with the advantage of being able to track large and secure transaction volumes. The technology used by many digital currencies is Blockchain.

Studying blockchain is a bit confusing, just as I started learning the very confusing blockchain. Blockchain is one of the technologies behind the development of Cryptocurrency which is simple. Blockchain is a data structure that can not be changed only can be added only. Any data from Blockchain are connected, if there is a change in one of the data block it will affect the next data. With blockchain every transaction of bitcoin is stored in an Open Ledger distributed into a bitcoin network. Each blockchain will be distributed to each computer connected to the network. On each addition of data there will be check whether the data is valid or not, this process is called mining.

The “block” represents a number of transactional records, and the “chain” component links them all together with a hash function. As records are created, they are confirmed by a distributed network of computers and paired up with the previous entry in the chain, thereby creating a chain of blocks, or a blockchain.

Blockchain-the transactions made of bitcoin or digital ledger in cryptocurrency,
Chronologically,and publicly.the block -chain,originally is continuously the list of records,called blocks.

In a simple way, blockchain is like an internet, it's connected and contain data
internet's data can be copied, modified, remixed, edited, and screenshotted without our control,
BUT blockchain is the strongest defense to ensure our data, files, or money can be transferred securely
AND blockchain is a decentralized system, it means blockchain removes the middleman in transactions and the access can be shared between two trusted parties

Blockchain is where the Bitcoin is build and it is consist of multiple password. Also blockchain is the one responsible for the anonymous transactions. It is where the records are placed but it is not like the traditional database that the admin can change or tamper the records.

Blockchain is about cryptography to keep exchanges secure, i know a little bit in block chain and if you need more about blockchain i search in dictionary,
According to Dictionary about Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
i hope this is help for you   try to read more about it.