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What is Blockchain Technology? A Step-by-Step Guide For Beginners
1 month ago
Topics: Blockchain 101
Is blockchain technology the new internet?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym Satoshi Nakamoto.
By allowing digital information to be distributed but not copied, blockchains create the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold”, and for good reason. To date, the total value of currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
What is Blockchain Technology? A step-by-step guide than anyone can understand
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
A distributed database
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
To go in deeper with the google spreadsheet analogy I would like you to read this piece from a blockchain specialist.
What is Blockchain Technology? A step-by-step guide than anyone can understand
Blockchain as Google Docs
“The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes, because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).
With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.
Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow.
You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.”
William Mougayar, Venture advisor, 4x entrepreneur, marketer, strategist and
blockchain specialist
What is Blockchain Technology? A step-by-step guide than anyone can understand
Durability and robustness
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
Be controlled by any single entity.
Has no single point of failure.
Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
The internet itself has proven to be durable for almost 30 years. It’s a track record that bodes well for blockchain technology as it continues to be developed.
Transparent and incorruptible
The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes. A kind of self-auditing ecosystem of digital value, the network reconciles every transaction that happens in ten minute intervals. Each group of these transactions is referred to as a “block”. Two important properties result from this:
Transparency
data is embedded within network as a whole, by definition it is public.
It cannot be corrupted
altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
In theory, this could be possible. In practice, it’s unlikely to happen. Taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
blockgeeks.com/guides/what-is-blockchain-technology-a-ste...
Blockchain is a way of storing data or a digital register of transactions, transactions, contracts. All that needs a separate independent record and, if necessary, verification. In the blockroom you can store data on loans issued, property rights, traffic violations, marriages.
Blockchain Technology, What is Blockchain Technology
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A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.
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Blockchain is a ledger technology that digitally records and distributes data across a network of computers. Specifically, a Distributed Ledger Technology, or a DLT. Visit bit.ly/3hR8BUz
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. www.coindesk.com/information/what-is-blockchain-technology
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A step by step beginners guide to what is blockchain technology. Explore now and learn something new.
Here’s an easy guide for you to understand what is blockchain technology and blockchain technology applications. Lets check about blockchain technology stocks.
Blockchain technology, a distributed ledger system, has the potential to transform many different industries. It offers transparency, security, and efficiency, and it can be used for a wide range of applications.
What is Blockchain Technology? Blockchain Tutorial bitsent.org/what-is-blockchain-technology-blockchain-tuto...
Blockchain technology is a buzzword in the technology arena around the world. This new technology has given a major push to industries like payments, cybersecurity, and healthcare. It promises to reduce risk and fraud and brings transparency to a variety of use cases.
What is blockchain technology 2021
Have you ever heard the name of blockchain, if not, then you do not know about bitcoin for sure, or it will be easy for you to understand Blockchain Technique.
Because the record keeping technology of bitcoin is called blockchain and it relates to other forms of banking and investing apart from crypto currency like bitcoin.
What is blockchain technology 2021
So it would be better to know about it and for this you have to read this article completely, so let's start and first understand it very well what is it.
Blockchain is a kind of database and what is this database is a collection of data base information that is stored electronically on a computer system.
In this database, information and data are a table format so that searching and filtering of a specific information can be done easily.
Although the table in the spreadsheet is in the form but the database is different because the spreadsheet is designed for only one function.
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What Is Blockchain Technology And Why It Is So Important? theblockchaincafe.com/what-is-blockchain-technology-and-w...
In today’s digital age, where technological advancements are revolutionizing every industry, understanding the fundamentals of blockchain technology is essential. Whether you’re a newcomer to the internet or a tech-savvy individual, blockchain technology has the potential to impact various aspects of your life.
Read the complete article here -
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The Blockchain system arise, when the idea was floated as a part of making Bitcoin. The last few years have witnessed the meteoric rise of Blockchain technology and the entry of the word cryptocurrency in the common parlance. Here we are presenting the ultimate guide to understand What is Blockchain Technology for beginners How does blockchain technology work.
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Those asking what is Blockchain technology, and why it has become so popular in years, there is an immense need to understand the process architecture of Blockchain and its growing demand in different fields and industries. And question arises is blockchain secure
فناوری بلاکچین
بلاکچین روشی برای انتقال اطلاعات دیجیتالی منحصر به فرد از یک کاربر اینترنت به کاربری دیگر است به نحوی که انتقال ایمن باشد. همه میدانند که انتقال صورت گرفته است و هیچکس نمیتواند حقانیت انتقال را به چالش بکشد. نتایج این دستاورد شگفتانگیز است.
یک بلاکچین ممکن است متفاوت از سایر سیستمهای دیجیتال غیرمتمرکز مانند ویکیپدیا باشد.
با استفاده از بلاکچین بسیاری از افراد میتوانند اطلاعاتی را ثبت کنند و جامعه کاربران میتوانند نحوه اصلاح و به روزرسانی سابقه اطلاعات را کنترل کنند. بر همین اساس ورودیهای ویکیپدیا محصول یک ناشر نیستند و هیچکس اطلاعات را کنترل نمیکند.
با این وجود تفاوتهایی که فناوری بلاکچین را منحصر به فرد میکند آشکارتر میشود. در حالی که هر دو در شبکههای توزیع شده (اینترنت) اجرا میشوند، ویکیپدیا بااستفاده از مدل کلاینت-سرور در شبکه جهانی وب ساخته شده است.
در ویکیپدیا یک کاربر با مجوزهای مرتبط با حساب خود قادر است ورودیهای ویکیپدیا ذخیره شده در یک سرور متمرکز را تغییر دهد.
هر زمان یک کاربر به صفحه ویکی پدیا دسترسی پیدا میکند نسخه به روز شده (از نسخه اصلی) را دریافت میکند. کنترل پایگاه داده بر عهدهی مدیران ویکیپدیا باقی میماند، که اجازه میدهد دسترسی و مجوزها توسط یک مرجع مرکزی حفظ شود.
پشتوانه دیجیتالی ویکیپدیا مانند پایگاه دادههای کاملا محافظت شده و متمرکز است که دولتها، بانکها یا شرکتهای بیمه امروزه از آنها نگهداری میکنند. کنترل پایگاه دادههای توزیع شده از جمله مدیریت به روزرسانیها و همچنین محافظت در برابر تهدیدات سایبری بر عهده دارندگان آنهاست.
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