What is Blockchain?
A decentralised and distributed open source database in a peer-to-peer (P2P) network with no central computers and no centralised data storage, for an accounting of individual transactions, payments, etc., encrypted using cryptographic algorithms. In fact, blockchain is a specific decentralised and distributed transaction ledger or, in other words, it is a decentralised transaction platform within a distributed network infrastructure. Blockchain is a public and fully open register that anyone can access.
Its main advantages:
• The blockchain technology is resistant to cyber-attacks because its security is ensured by cryptography;
• The blockchain technology, based on a cryptographic encrypted structure, does not need any intermediary institution that verifies transaction data or confirms the identity of its participants, thanks to which the costs of its operation are incomparably lower than those of other systems, and the efficiency is very high;
• Due to its distributed and decentralised nature, it is resistant to all kinds of IT system failures;
• The blockchain ledger is open, public, anonymous and not subject to any audits;
• Security;
• Decentralisation;
• Openness;
• Transparency;
• Anonymity;
• Independence;
• Authentication.
