Can Anyone Explain What BlockChain Is Exactly??!! Please!

[Lcardenas08]

Can Anyone Explain What BlockChain Is Exactly??!! Please!

[duoworld]

Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm for establishing trust and acquiring rights between different nodes in a blockchain system. It is essentially a decentralized database that acts as the underlying technology for Bitcoin. A blockchain is a series of data blocks generated using a cryptographic method. Each block of data contains a bitcoin network transaction information to verify the validity of its information (anti-counterfeiting) and generate the next block.

[Lcardenas08]

Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm for establishing trust and acquiring rights between different nodes in a blockchain system. It is essentially a decentralized database that acts as the underlying technology for Bitcoin. A blockchain is a series of data blocks generated using a cryptographic method. Each block of data contains a bitcoin network transaction information to verify the validity of its information (anti-counterfeiting) and generate the next block.

So what exactly is all the fuss about, just decentralization? Or is blockchain technology going to open new heights for computer science?

[justine11]

Blockchain is a giant record/legder of transactions made in bitcoin and altcoins. Every transaction is recorded in the blockchain so, to record your transaction in blockchain the transaction must be confirm and included in the block by the miners you must put a miners fee in order to confirm your transaction and record it on the blockchain. I hope you understand my explanation about the blockchain.

[yomarve]

Blockchain a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. Though there could private blockchain.

Decentralization means no one can effectively assert control of the system/network. This is unlike networks of corporations where there is a central switch with which every network can be turned off. Decentralization means everyone has equal power thus, no supreme entity.

Consider these links below

https://en.wikipedia.org/wiki/Blockchain
https://lifehacker.com/what-is-blockchain-1822094625
https://blockgeeks.com/guides/what-is-blockchain-technology/
https://www.digitaltrends.com/computing/what-is-a-blockchain/
https://medium.com/blockchain-review/how-does-the-blockchain-work-for-dummies-explained-simply-9f94d386e093

[Ashleybarnes2]

Blockchain on its own is just a glorified database. However when combined with distributed ledger and given a currency to incentivise the miners the magic happens. You now have a immutable database which has untold uses, the first ever non government issued decentralised current. But more importantly you have a tool to transfer value online which was never possible