For all its complicated terminology, blockchain is actually pretty simple.Put simply, a blockchain is a distributed database for storing information.The blockchain database is not stored in a single location; rather, it is hosted by millions of computers that could be all over the globe. This means with blockchain there is no single point of failure, making the database incredibly strong.
It also means the records stored on the blockchain are open and verifiable. You can’t alter it without someone knowing. Every modification made to the blockchain is visible to the public.
The distributed nature of the network also helps keep the information stored on the blockchain safe from hackers. There is no centralized location for hackers to target, making the whole database more secure.
For those of you who are having a hard time visualizing the above concepts, just imagine a chain of iron links. Each link that is added to the overall chain is just as strong as the previous links.
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With blockchain, there is no weakest link.
Now, blockchain is most famously known for providing the backbone of Bitcoin. In fact, many of the traits that make Bitcoin attractive to economists and investors (security and transparency) are only present because of blockchain.
But what many people don’t know is that blockchain can do far more than power a digital currency revolution. That is why blockchain-based businesses are expected to be worth over $10 billion by 2022.
Blockchain can be implemented by companies all over the globe to improve everything from internal function to products.Blockchain could change the way dozens of sectors operate, boosting efficiency and transparency and lowering costs.
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STOPHi @vamsidharreddy and Everyone,
Our team, @EOS9CAT came with a very short explanation for Blockchain and hope it would be helpful for everyone here.
The blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It features decentralization, immutability, security, and openness, comparing to traditional distributed systems. the most symbolic adaptation of blockchain technology is cryptocurrency (bitcoin, ripple and various coins) and decentralized applications (Ethereum, EOS and etc).
If you need any other questions, please feel free to send us an email at [email protected] or visit our website