Topic: What is blockchain? (Read 199 times)

Block chain is essentially a decentralized distributed books database (pointed out: in related to the currency block chain applications can use the term, but block chain technology may not contain "books"). It is a string of data generated by the use of cryptography, and each block contains information that is effectively validated by multiple bitcoin transactions.

If you have have some time kindly watch this video on YouTube. It explains blockchain quite succinctly and simply. https://youtu.be/hYip_Vuv8J0 .

Cryptocurrencies are one of the hottest investments of 2017. The excitement surrounding cryptocurrencies has more to do with the underlying technology

Blockchain is an interesting concept to explore. This technology is a decentralized digital ledger, which includes transactions, and works with data organized through a series of notes called blocks. This technology uses a secure system and is essential for managing financial data as well as the development of digital currencies such as Bitcoin.

The other day I saw great video (little less than half hour long) that explains Bitcoin blockchain in simple way. The name of the video is "Ever wonder how Bitcoin (and other cryptocurrencies) actually work?"

blockchain from A to Z explained

https://hackernoon.com/wtf-is-the-blockchain-1da89ba19348

Easiest way to to check out a beginner vid on YT regarding the blockchain, there are quite a few of them. It is essentially a complex software protocol, a chain of information that is completed by solving an algorithm.

Block chain is a system which is creating blocks to store the data about the transaction and those blocks are connected in an order. This connection is called block chain.

This is great question. I mean its a buzz word, used often in wrong way, misleading way.
Blockchain often is used to describe simple database, that is definitely not blockchain at all.
Blockchain is distributed ledger, verified by super computer for security reasons. Everything else is false definitions and buzz word misuse.

What we found that confuses most people about blockchain is that they have no idea what it is, how it works and what it has to do with currencies. So I will try to explain it as simply as possible.

A bank records all the movement of money in a privately controlled ledger that is typically stored on a large computer. Through this private ledger, The bank is the only institution that has access to this ledger and therefore are the only body that can manage the flow of money and authorise transactions.

Now the way a blockchain works is very similar to a bank. Think of blockchain as a public ledger that works very similar to a banks ledger with a few subtle yet substantial differences.

Unlikes a banks ledger, anyone can view all the transactions on the blockchain and is not treated as a private entity like a banks ledger. Anyone can authorise transactions on the blockchain. In bitcoins case, it is the miners responsibility to authorise transactions BUT anyone can be a miner.
Therefore, anyone can see the number of bitcoins produced and circulation whereas with FIAT money like the US Dollar, that becomes pretty ambiguous.

Please note that blockchain is not just applicable to bitcoin but to virtually all crypto-currencies in circulation as all crypto-currencies use blockchain technology in one form or the other

If you want to know more about how blockchain technology works and bitcoin. Our Brilliant community manager and Crypto-geek Raphael Shalaby is hosting a live webinar at 6:00pm GMT for free for anyone to watch. It will also be available after the live stream is over:
https://events.genndi.com/register/169105139238466377/1a876a10a7


Alternatively, if you want to skim through some information quickly, here is a blog written by our team:
https://wirexapp.com/en-ie/bitcoin-blockchain-makes-special/

to learn more about our services, feel free to visit:

https://wirexapp.com/new-to-bitcoin-just-found-about-wirex/

https://wirexapp.com/wallet/

https://wirexapp.com/bitcoin-money-transfers

blockchain is originally means block chain,this is a continuously growing list of records that is being called blocks which are being linked and secured using cryptography.

In fact, Blockchain is the platform that made Bitcoin. Bitcoin is actually based on Blockchain technology. The block is a transaction distribution platform in which each transaction is connected to other transactions around it through encryption.

with my limited knowledge, I see blockchain like this:
the whole blockchain as a big ledger book keeping records of all bitcoin transactions
each block can be seen as an entry of journal in the book containing confirmed transactions at specific time
subsequent block consists of new set of utxo as the results of used utxo in previous blocks <~ block chaining
every participant/node in the network keeps their own book and re-verify the transactions <~ decentralized/distributed
eventhough they keep their own records, they still have to follow the consensus/majority rules

By design, the blockchain is a decentralized technology.... A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority

Blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies.

Rookie report, study hard!

Blockchain allows digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin.
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Start here: https://en.bitcoin.it/wiki/Block_chain

 What is blockchain and how does it relate to bitcoin?