Hello everyone!
Can someone please explain me what does it mean Block-chain?
I saw you tube video and searched online but still didn't understand
when people say that blockchain is the future how is it the future? is it regarding transfer money ( coins ) or what?
and when people say that the fir has blockchain technology what does it mean?
sorry for the newbie questions but I am still dont understand what does it mean when people say that firm for example have a block chain technology
that its revolution in the world
Thank you!
Blockchain is a technology that securely transfers data based on a very complex coding system, similar to a company's accounting ledger, where cash is closely monitored. In this case Blockchain is an accounting ledger operating in the digital domain.
Blockchain owns a very special feature that is the transmission of data does not require an intermediary to confirm the information. The Blockchain system has many independent nodes that can authenticate information without requiring a "sign of trust". The information in Blockchain can not be changed and only be added with the consent of all nodes in the system. This is a high security system against the possibility of data theft. Even if part of the Blockchain system collapses, the computers and other nodes will continue to protect the information and keep the network going.
Blockchain technology can be said to be a combination of the three technologies below:
Encryption: Use public key and hash function to ensure transparency, integrity and privacy.
Peer-to-Peer Network: Each node in the network is considered a client and also a server for storing application replicas.
Game theory: All nodes involved in the system must comply with the rules of consensus (PoW, PoS ...) and motivated by economic incentives.
