Blockchain. What is it?

Blockchain is a continuous chain of blocks, which include various data. It was created according to certain rules, due to which each block is presented in a clear sequence.When we speak about blockchain, it means operations with cryptocurrencies however, other information may be contained in the blocks. For the first time, the definition of “blockchain” appeared as a term of a distributed database. Let us consider in more detail what it means.

What is a blockchain?

Blockchain is an open database, like accounting statements, which store all the transactions that have been conducted. But the main difference of blockchain is that the registry is not in a specific place. It is distributed among a large number of PCs in all parts of the world. Each user of the network receives unhindered access. Given this feature, the blockchain is completely clear and understandable for all network members.

Each user can see a transaction that has been conducted, or, as in our example, recorded in accounting records. Therefore, you can very easily notice what operations are being performed, what, how much and where transferred. You can also find out the address of the sender, the amount, the address of recipient. All this is freely available to everyone.Main feature of the blockchain is that no entry can be changed. Therefore, everything that was recorded in the blockchain, for example, yesterday, no one can replace. This technology is the first in the world since 2009, to which no one is affected. You can be sure that no one can edit, delete a record, or at least somehow control the database.

All digital records are combined into so-called blocks. They are built in chronological order, using complex mathematical calculations. Each block contains a set of records, and it is closely related to the previous one. New blocks always go to the end of the chain. It is important to note that the data is updated at one time at all computers.

Why it’s impossible to fake blocks?

The process of information encryption, also called hashing, is performed by computers that function in a single network. When all calculations have been performed and a single result is obtained, the block acquires a signature or a unique digital signature in other words. After a new block appears in the chain, it can not be modified. For this reason, it is simply impossible to forge it.

In order to be one of the first who started using blockchain for profit, you can connect to the network Bitcoin, becoming one of those who later will receive a fortune, given the popularization of this technology. We suggest you familiarize yourself with the service CredoMine. At registration you can receive 1000 GH/s as a gift.

Finally..

Blockchain can be used for those services, where users are especially concerned about the safety of their data. These include:

• Logistics;
• Micropayments;
• Bank transfers;
• Jurisprudence;
• Medicine.

In less than 10 years, the blockchain managed to establish itself as a reliable technology and become a tool that is ready to apply in its activities to large financial and government institutions.In conclusion, we can say that now the blockchain is gaining immense popularity. Technology can be seen not only in the field of cryptocurrencies, but in other areas. Already, banks are gradually introducing technology to reduce operating costs, and the market has an increasing number of new players who want to popularize the use of innovative technology.

Such updated projects will have completely different advantages — openness, security and protection. This just reinforces the fact that in the future blockchain will further reveal its potential.