Tuesday, June 6, 2017

Blockchain in General

A blockchain facilitates secure online transactions. A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.

What is block chain technology?

A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

Who created Blockchain?

We do not know who invented the blockchain, because the inventor used an alias "Satoshi Nakamoto". Very clever, because if he was known, the blockchain is so disruptive, that his life would be in danger. So, let us leave it the way "Satoshi Nakamoto".

What is a Blockchain application?

A blockchain is a public ledger of all bitcoin transactions that have ever been executed. A block is the “current” part of a blockchain which records some or all of the recent transactions, and once completed, goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated.

What is Blockchain banking?

Bitcoin transactions are entered chronologically in a blockchain just the way bank transactions are. Blocks, meanwhile, are like individual bank statements. Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system.

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