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You might have heard about blockchain a lot. This powerful technology is redefining the way we transact online, share ideas, and manage workflows. It is on the verge of disrupting various sectors including healthcare, entertainment, voting, supply chain, etc. With its arrival in every industry, it will change the way how businesses work. It promises a lot of breakthroughs in the future and we cannot do away with this fact.

It holds a lot of potentialities to make our lives easier. Things that it will contribute to include- sending money abroad will be quicker, buying a house will be easier and faster, it will be easier to treat health problems, you will be able to differentiate between the fake and real product, you will be able to earn profits. With so much to offer, let’s first understand what blockchain is!

What Blockchain exactly is?

A block stores all the data that is further connected with other blocks in the network forming a chain of blocks. The data is shared across the network among all peers. This is the reason why blockchain is known as a distributed ledger. The blockchain technology  (https://www.cbcamerica.org/enterprise-blockchain/blockchain-innovation-technology-standards-system)holds so many advantages that make it better than the traditional methods.

Let’s take an example

What do you do when you have to transfer money to your friend’s account? You go to the bank and ask them to transfer the money to the account address of your friend. What if the data maintained by the bank gets tampered? Yes, the transactions done in the banks can be easily altered. Here arises the need for Blockchain!

Here are a few of its benefits-

No intermediaries involved

There is no authority involved. All the participants talk to each other and data exchange is made directly.

Distributed

Tampering in the blockchain is impossible because it is spread across the whole network. There can be no alteration without consensus.

Cryptographically secured

This is the reason why ledger cannot tamper. Cryptography makes it secured.

Add-Only

Once data is added to the blockchain, it is impossible to change it. It is immutable.

Consensus

Any change in the ledger can only be made when it reaches a consensus among all participants. No central authority is involved.

How does this technology work?

●   The transaction is started by a majority of nodes after they verify the history of the individual blockchain block. If a majority of the nodes come to agree that the history and signature are valid, the new block of transactions is accepted into the ledger and a new block is added to the chain of transactions. If a majority does not allow the addition or modification of the ledger entry, it is denied and not added to the chain.

●   After the validation, the transaction is included in a block which is further multiplied onto the network. At this point, the transactions get confirmed.

●   The ledger makes way for the new block which is then cryptographically secured. After getting secured by a hash, the transaction gets confirmed again.

●   Every time a new block is added, the transactions have to undergo this confirmation process.

With the advent of blockchain technology, blockchain professionals should rejoice. The reason for this is the growing demand for blockchain professionals. Today, blockchain professionals are have acquired a lot of popularity as the jobs in this technology are the most in demand. Industries are looking for certified blockchain professionals (https://www.cbcamerica.org/blockchain-certifications) who can make the right use of technology and are acquired with all the necessary skill sets needed to integrate the technology. Certifications make the professionals land their dream jobs and help them earn high salary packages in top companies. Time to make your career in the growing field!

Well we can take that into simpler terms like blockchain is a record of transactions that could be access publicly. This will help to promote transparency as bitcoin was design to be a p2p system. One can never worry after having transaction because blockchain can tell if it became successful or not. What really matter using block chain is how you do the transaction process so as apiece of advise, it is better to do transaction with assurance bynhavng a formal and necessary documents needed and blockcchain will just be used if payments will be served.

In fact, there are hundreds of articles about how the blockchain works. I don't see anything you offer us differently. Is there something "different" you want to add?

a simpler explanation

a blockchain is a chain of batched (blocks of) data.
each block of data is given a identifier made from hashing the data to get a unique ID.
this unique ID is then included as part of the next block, forming a chain of blocks.(blockchain)

the best part is. if any data is changed from initial block. the hash ID would be different, which then would change the hash of the next block. making it easily identifiable if data is changed when checking the chain of data, if the hashes dont match the data and the previous hash is not in the next block. the blocks are invalid. if it matches its valid.

and now without having to ask for a whole blockchain of data from EVERY peer. you only need one copy from one source and then just ask every other peer you interact with for just their latest hash. and if that matches your latest hash then you have the same data as them without needing to download everyones chain.

now everyone knowing they all have the same historic data without needing huge downloads per peer. means people can use their bandwidth for more useful things like deciding what data gets into the next new block

Blockchain is fading away. Nowhere blockchain is used after all the hype by MBAs and CAs. It is back to debit cards and credit cards and bank-wires.

Plagiarism from  https://cointopper.com/guides/what-is-blockchain-everything-you-need-to-know-about-the-biggest-tech-revolution-after-internet




Why do people do that... I cannot understand... he is not even getting merits as the text is so out of context, a wall of text which nobody reads....

Blockchain is the most potential technology and the sad thing about Blockchain is that for now it is only utilized by crypto world though it has potential applicability in other sectors as well.

I consider blockchain as a technology of the future, thanks for some more information, it was good to know even more

Busted... This newbie accounts has only 5 posts and want to share knowledge here. It is sad but he'll be banned soon because of C/P.

Thank you for your "contribution", but I think this is just a "copy-paste" document because there are many threads/ blogs that write exactly same what you posted and people know very clear. This thread shouldn't be in this Bitcoin Discussion box