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Author Topic: newbie question regarding blockchain  (Read 204 times)
danielgold20
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October 05, 2017, 05:53:12 PM
 #1

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!
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ikilledcobain
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October 05, 2017, 06:20:36 PM
 #2

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!

This is my favorite YouTube video on the subject:
https://youtu.be/bBC-nXj3Ng4

I think it does a good job breaking it down without being overly technical.

Basically, you can think of it as a de-centralized public accounting ledger.

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john2231
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October 05, 2017, 07:12:18 PM
 #3

For additional information about blockchain you can also watch this to easily understand about the blockchain..
Check here https://www.youtube.com/watch?v=r43LhSUUGTQ

Additional you can read it in wiki here https://en.wikipedia.org/wiki/Blockchain

The other people treating bitcoin is a future money not a blockchain .
Bitcoin is use as money to buy services or buy something online.. And bitcoin is gradually accepting locally like in japan they are now legalized bitcoin and accepting it locally.. There are other country are  accepting bitcoin as payment like paris and brazil and other country that developing bitcoin.
That is why they are called it future money bitcoin is getting more popularity and more people are using it since its decentralized all of us who mine it who handle bitcoin.
HabBear
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October 06, 2017, 04:59:57 AM
 #4

This is a simple answer, no need for links.

Blockchain literally refers to the chain of blocks that confirm transactions over the distributed ledger of transactions. The confirmed transactions are grouped in blocks. Miner's rewards are also based off of each completed block.

LarsG1980
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October 06, 2017, 07:21:36 AM
 #5

nice video  Smiley Thanks for that!
mathur
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July 03, 2018, 07:43:08 AM
 #6

Blockchain is the most Disruptive, Digitized and Decentralized technology. The Blockchain technology
is majorly used to verify digital currencies transactions. In this system there is no single centralized authority but everyone existing in the block can verify its authenticity. Types of Blockchain -

Public: Public transaction within existing blocks. Examples - Bitcoin, Ethereum, Dash, Factom
Consortium: Controlled by a consortium of members. Examples- Ripple ,R3 & Hyperledger1.0
Private: Requires an invitation. Examples- Multichain, Blockstack

Bitcoin:

When Satoshi Nakamoto tried to develop a Peer-to-Peer electronic cash system, it gave the birth of a Cryptocurrency known as Bitcoin. Since then in 2008, Bitcoin is the former most popular Cryptocurrency. It is like digital cash which works as a medium of exchange within a block. The term Blockchain is derived since the blocks are been connected one by one like a chain. The Cryptocurrency uses cryptography to secure and verify transactions.

Do check it out if you are interested to know more.:- https://www.youtube.com/watch?v=lf5d-R8-N20
ngocanh3799
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July 03, 2018, 10:15:38 AM
 #7

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.
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