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Author Topic: What is blockchain technology?  (Read 131 times)
herrickcrypto
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June 10, 2018, 10:19:17 AM
 #1

What is blockchain technology and how it works? Every technology have some advantage and disadvantage. In the case of blockchain what will happen?
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June 12, 2018, 04:40:42 PM
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Blockchain is a decentralize technology which is consits of bitcoin and other cryptocurrencies.The advantage of it is that it is very trustworthy and disadvantage is that its speed which varies the transaction time.
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June 12, 2018, 06:22:42 PM
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The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

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June 12, 2018, 06:24:20 PM
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I think that such questions have been considered many times in the forum and you need to take time to understand exactly what it is and what impact this technology will have on people and the world as a whole, so train.

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June 12, 2018, 11:01:59 PM
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Block chain technology is the decentralized technology. It works on the digital platform. It has no central control so it independent in its operations. It provides highest level of security and it has faster speed and transaction processing rate due to its decentralized technology.
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June 12, 2018, 11:11:46 PM
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It is a distributed technology or ledger inwhich things stored on it cannot be deleted, altered or tampered with unless the use of quantum computer which is still not yet in existence but still been worked upon.
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June 12, 2018, 11:40:16 PM
 #7

Blockchain technology offers a way for untrusted parties to reach agreement (consensus) on a common digital history. A common digital history is important because digital assets and transactions are in theory easily faked and/or duplicated. Blockchain technology solves this problem without using a trusted intermediary. Blockchain technology might present a better means of establishing identity. Instead of a state or government issuing it, identity could be verified on an open, global blockchain — controlled by nobody and trusted by everybody. With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated.
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June 13, 2018, 06:38:10 AM
 #8

Blochchain is basically a list of informations which are known as blocks. This blocks are stored using cryptography. athis mechanism is used for cryptocurrency and many other purposes now a days.
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June 14, 2018, 07:50:53 AM
 #9

Blockchain Technology is a digitized, decentralized, public ledger of all  cryptocurrency transactions originally developed as the accounting method for the virtual currency Bitcoin, blockchains which use what is known as distributed ledger technology(DLT)  are appearing in a variety of commercial applications today. Although blockhain technology  has only been effectively employed in the past decade, its roots can be traced back far further . Blockchain Technology is revolutionizing the financial services industry by empowering million across the globe.
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June 14, 2018, 07:56:33 AM
 #10

Different types of services and applications are built on blockchain technology. There are public supranational systems to which anyone can join and become a simple user or a miner.
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June 14, 2018, 08:01:04 PM
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Blockchain helps to allow different information not to be copied when it is distributed. Generally, this technology is used for bitcoin.
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June 14, 2018, 08:07:14 PM
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Digital records unite in "blocks" which communicate then cryptographic and chronologically in "chain" by means of difficult mathematical algorithms. Each block is connected with previous and comprises a set of records. New blocks are always added strictly to the end of a chain. The enciphering process known as hashing, is carried out by a large number of the different computers working in one network. If as a result of their calculations all of them receive identical result, then the unique digital signature (signature) is appropriated to the block. As soon as the register is updated and educated the new block, he already can't be changed any more. Thus it is impossible to forge it. To him it is possible to add new entries only. The register is updated on all computers in network at the same time.

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June 14, 2018, 08:08:35 PM
 #13

What is blockchain technology and how it works? Every technology have some advantage and disadvantage. In the case of blockchain what will happen?
It is a fast transaction to transfer the money. It's helped to secure the coins/private keys of the hackers.
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June 14, 2018, 08:47:10 PM
 #14

blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin,the tech community is now finding other potential uses for the technology.The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.
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June 14, 2018, 08:48:26 PM
 #15

What is blockchain technology and how it works? Every technology have some advantage and disadvantage. In the case of blockchain what will happen?
Blockchain in crypto currencies is like a database which stores and manages transactions publicly (more like an open ledge).  The database is distributed and decentralized. Each records are known as "blocks" and each blocks are always linked/related to the previous block which makes it impossible to manipulate/alter the information recorded on that block. You can just google it and check out those articles or videos where they explain what how blockchain technology is used in crypto currencies.


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June 14, 2018, 09:11:05 PM
 #16

It's a decentralized, distributed and public digital ledger also you can say it's a continuously growing list of records, called blocks, which are linked/related and secured using cryptography  technology ..
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June 15, 2018, 11:35:08 PM
 #17

Blockchain is a common word you can heard from people who owned crypto or you can read from the internet. For starters you can google common words. If it's hard to understand then you can ask here and make a thread in this forum.

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June 15, 2018, 11:38:24 PM
 #18

The blockchain is a new technology that has become a revolution in technology and applied in all industries. Currently, with cryptocurrency, blockchain offers a currency market where it does not depend on any individual or organization, and the transaction is very convenient with fast transaction speed. The upcoming blockchain along with cryptocurrency will be the future.

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June 15, 2018, 11:53:48 PM
 #19

What is blockchain technology and how it works? Every technology have some advantage and disadvantage. In the case of blockchain what will happen?

Blockchain technology differs from traditional software in that it offers three important features not offered by other technology - Transparency, immutability, and decentralization.

Those three components give a huge business benefit to many sectors of the economy over traditional software technology. For example, one such industry is the supply chain software industry - which is basically tracking products from the beginning of their creation all the way to when they make it to store-shelves. Big corporations spend tens of billions of dollars a year on this and it's ripe for disruption because Blockchain is better suited to handling the supply chain. You can look into promising blockchain projects like Ambrosus that was recently found to be offering this solution to the multi-billion corporation Migros.
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June 16, 2018, 12:14:34 AM
 #20

As briefly as possible, the Blockchain is a continuous sequential chain of blocks containing information, built according to certain rules. Block as a perpetual digital distributed log of economic transactions, which can be programmed to record not only financial transactions, but also virtually everything that has value.

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