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Author Topic: What is blockchain technology?  (Read 133 times)
DesertOasis3
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June 17, 2018, 04:41:59 AM
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The simplest way to explain blockchain technology is to compare it to a distributed database were every transaction ever made is included in the chain for accuracy and transparency.

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Keras kojor
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June 17, 2018, 04:43:13 AM
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BlockChain is an integrated transaction logging technology with modern technology, which has a unique, immutable code that revolutionizes the workings of the Internet, banking and other things. The meaning of the word [Suspicious link removed]es from Block and Chain which each has its own meaning.
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June 17, 2018, 04:44:30 AM
 #23

I think you should be good at using search tools like Google and yahoo.
So they'll give you a more specific idea of blockchain.

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rosycrypto12
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June 19, 2018, 08:23:05 PM
 #24

Blockchain is the digital technology.that is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
The database is distributed and decentralized. each blocks are always linked/related to the previous block which makes it impossible to manipulate/alter
 the information recorded on that block. Blockchain in crypto currencies is like a database which stores and manages transactions publicly. Blohain is an integrated transaction logging technology with modern technology, which has a unique, immutable code that revolutionizes the workings of the Internet, banking and other things.
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June 19, 2018, 10:21:09 PM
 #25

Blockchain was invented for settlement of interaction among the parties in the case when trust is not appropriate and without any intermediaries. It's really weird watching how this technology being extremely vogue nowadays is tried to be applied anywhere.

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June 19, 2018, 10:34:27 PM
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This is a technologically inclined database comprising of blocks known as information and data that are interconnected by chains. It is decentralized. Therefore, it cannot be controlled and neither can it be manipulated by anyone.

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June 19, 2018, 10:39:24 PM
 #27

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

In simplified terms, blockchain technology is made for safe keeping of informations to prevent quick hacking of address information. These informations are distributed to multiple main computer drive where informations are not fully available to only one drive.

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June 19, 2018, 10:44:40 PM
 #28

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what's known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.
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June 19, 2018, 10:48:54 PM
 #29

There are articles online where you can simply search it.

All you need to know about blockchain, explained simply
What is Blockchain Technology? A Step-by-Step Guide For Beginners

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June 19, 2018, 10:55:27 PM
 #30

Blockchain technology is seen as a revolution in the financial and monetary markets of the future. It does not need any control like the existing technologies on the market. The advantage of Blockchain is that it can be used in many industries, not just cryptocurrencies. There are many large companies have been applying cryptocurrency technology in the field of production and business.

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June 20, 2018, 01:05:30 AM
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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.

Blockchain is older than Bitcoin.
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June 20, 2018, 02:47:28 AM
 #32

Blockchain is consisted with bitcoins and   other cryptocurrencies. It is a decentralized technology. That is, Bitcoin is managed by its network, and not any one central authority.
It is not valid in all countries of the world.
There is a authority exist which manage global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions
priyanjana
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June 20, 2018, 08:37:38 AM
 #33

The blockchain is an immutable non-reversible data structure that uses an electronic ledger. We can use as public or private database and it is not easy to change a data in this structure. The Decentralization feature gives extra additional power to blockchain technology. We can use this technology for any application that works with data.
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June 27, 2018, 10:38:14 AM
 #34

You can understand simply Blockchain - a ledger that records the balance and history of all accounts that participate in your trading chain.

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June 27, 2018, 10:44:08 AM
 #35

As seen from the above comments it is already explaining what is blockchain very well. Blockchain is currently one of the most hyped technologies. I agree that blockchain can somehow bring benefits to some particular field where it actually require high transparency and security. I do not think it is under a mature stage now, developed blockchain technology still have some problems and privacy concerns are not greatly solved. Therefore, I do not think blockchain can fully replace some particular projects as some data still require centralised database to confirm its security or privacy.
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