What Is Blockchain?

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Avatar for Kuraish009
2 years ago

The question "What is a blockchain?" One of the most popular search addresses on Google in recent years. Many curious people search for titles such as "blockchain for beginners" seeking "blockchain training courses", or "blockchain definition" seeking an explanation and explanation from someone about the blockchain.

what is blockchain technology?

We might simply say that the blockchain, which is known in Arabic as "blockchain", is data that is stored and preserved through a decentralized network of computers.

This unreliable technology could radically change the current world as we know it by redefining how we treat information and how we convey values. For example, blockchain enables us to transfer digital money peer-to-peer without resorting to going through banks. This technology reduces the need for an intermediary in many traditional sectors, such as: banking, insurance, entertainment, government and others. Although blockchain is in its early stages of its development, this technology has begun to be used in real life in cryptocurrencies, government data storage, and other fields. The possible use of it in both the public and private sectors is also being studied.

One of the most famous blockchains known to this day is the one used in the cryptocurrency "Bitcoin".

How it works?

The concept of blockchain technology has been covered in many books, but let's take a look at the basic concepts of this technology, taking Bitcoin for example:

Blockchain technology records information related to Bitcoin's operations, such as the source of this money, the destination it was sent to, the timing of this transaction, its value, the fees paid for it, and all information related to this process. All this information is stored in a series of "blocks", which are a bit like a container. In the case of Bitcoin, each block contains data stored for 2,000 transactions (at least until late 2017). Process blocks are also associated with cryptographic auxiliary links.

Blockchain can store all kinds of data, such as: details of cryptocurrency transactions, contents of the land registry, insurance records, health history, history of car accidents, property deeds changes, and others. It can also act as a platform for other applications.

Blockchains, which act as logbooks distributed with specific time stamps of operations, are stored (in most cases) through decentralized networks of computers, also called "nodes," with each computer storing the entire blockchain.

Blockchain features:

Blockchain is not adjustable, as any change to it requires enormous computing power, and the blockchain becomes more secure the more old it is.

Blockchain is characterized to some extent by transparency, as anyone can view the data stored in the blockchain (Bitcoin for example) that all stored transactions can be viewed using the blockchain browser. However, some blockchain technologies provide more anonymity.

Blockchain tends to be decentralized, as there is no central authority controlling it, unlike traditional databases that can be blocked and monitored by its owner. Blockchain can maintain its effectiveness 24/7 in the event of any disruption in the network. However, there are trends of more centralized blockchain projects.

All of these features inspire the hope of transforming our daily routines into more efficient, transparent, expeditious and less expensive procedures.

Types of blockchain:

There are two types of blockchain:

Public, What is blockchain?(like Bitcoin), anyone can join the contract network.

private, (often used by companies), where only people who have permission can add their own devices.

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Avatar for Kuraish009
2 years ago

Comments

great

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2 years ago

Nice post

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2 years ago

informative post...very good post

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2 years ago

Nice view ☺️

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2 years ago

Nice post vai

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2 years ago

Super

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2 years ago

thanks

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2 years ago

That's great

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2 years ago

Wow

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2 years ago

thanks😊

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2 years ago

thaks a lot😍

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2 years ago

Nice post

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2 years ago