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Author Topic: How would you define the BLOCKCHAIN?  (Read 117 times)
stellaekun
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July 14, 2018, 10:06:31 PM
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We all know what the blockchain is and how it is related to bitcoin or other cryptocurrencies, but how would you define it to someone who has never heard the word 'blockchain'?
Here is one I find easy
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
What is you own favorite definition or explanation?
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Lakash
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July 14, 2018, 10:18:50 PM
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We all know what the blockchain is and how it is related to bitcoin or other cryptocurrencies, but how would you define it to someone who has never heard the word 'blockchain'?
Here is one I find easy
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
What is you own favorite definition or explanation?




Blockchain is a growing list of records, called blocks, which are linked using cryptography. Blockchains which are readable by the public are widely used by cryptocurrencies. Private blockchains have been proposed for business use.
First77
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July 14, 2018, 11:19:49 PM
 #3

"Blockchain is a technology that allows anyone to send anyone else a piece of information, currency or data in a secure, transparent and anonymous way,"
chaoscoinz
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July 14, 2018, 11:31:11 PM
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We all know what the blockchain is and how it is related to bitcoin or other cryptocurrencies, but how would you define it to someone who has never heard the word 'blockchain'?
Here is one I find easy
' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'
What is you own favorite definition or explanation?


If I had to explain the blockchain to a technically illiterate person, I would first tell them that it is a transparent, public ledger that is decentralized and is untamperable. You can't fudge the numbers because the blockchain makes a solid effort establishing public trust. It is accessible anywhere there is an internet connection.
  People need to know that the blockchain technology is scalable and puts a new spin on existing tech, with a simple yet complex set of protocols.

Luana Trade
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July 15, 2018, 12:40:33 AM
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IN MY EXPLANATION TO A LAYER WOULD BE A CURRENT MOVED BY AN OBJECTIVE THAT SYNCHRONIZES THE INFORMATION WITHOUT CHANGING IT
Kamal Zenda
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July 15, 2018, 01:00:34 AM
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The blockchain is a technology of storage and transmission of information, transparent, secure, and functioning without a central control body.
abelmon66
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July 15, 2018, 01:11:15 AM
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If for a layman who has not understood blockchain it feels strange but it can all be explained and it is true that blockchain is a ledger that stores all transaction data.
esteam0115
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July 15, 2018, 01:24:14 AM
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Blockchain is a decentralized, decentralized technology. It is a system owned by the whole community that uses it and does not focus on any individual or organization. This is the most secure and convenient technology ever
SingAlong
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July 15, 2018, 02:36:33 AM
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Blockchain is the distributed, public digital ledger. It is made for bitcoin and its look like a chain of blocks. It is linked and secured by cryotograph. Blockchsin was made as the record list of transaction that was happening between two parties or inside the bitcoin. It also called as a database because it records all the data chronologically and publicly.

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July 15, 2018, 03:27:28 AM
 #10

' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'

it is interesting that all these results from a google search about "what is blockchain" call it a "decentralized" ledger. like this one that you copied from Wikipedia!
well blockchain is simply a chain of blocks which is made using cryptography. it is used in a decentralized manner in bitcoin but from what i understand there is no reason to use it in a decentralized way. you can see that clearly in many centralized altcoins that are also using the blockchain technology. which leads me to say that a better word for it is distributed ledger.

spazie
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July 15, 2018, 04:16:54 AM
 #11

What I know Blockchain is a general ledger system, where there is a record of every transaction that ever existed in the form of a decentralized database network. Each transaction data is recorded in an entity block and each block is connected to an existing block like a chain.
franky1
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July 15, 2018, 04:30:05 AM
 #12

' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'

it batches up data into a BLOCK of data, gets the community to verify the data and specialised equipment to make an identifier of that block hard to replicate and then puts the identifier of the previous block into the next BLOCK to CHAIN them together

 to such an extent that no single person can simply edit a small piece of existing data because that editors version wont match the chain of blocks everyone else has

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
franky1
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July 15, 2018, 04:33:38 AM
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' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'

it is interesting that all these results from a google search about "what is blockchain" call it a "decentralized" ledger. like this one that you copied from Wikipedia!
well blockchain is simply a chain of blocks which is made using cryptography. it is used in a decentralized manner in bitcoin but from what i understand there is no reason to use it in a decentralized way. you can see that clearly in many centralized altcoins that are also using the blockchain technology. which leads me to say that a better word for it is distributed ledger.

what the community is doing is this.
for the open decentralised(atbest) definition.. they call blockchain
for the closed / distributed within authorised userset definition.. they call DLT (distributed ledger technology)

however the way things are going where only one team get to dominate the direction of protocol changes and make demands that an upgrade is mandatory.. yea the old definition of blockchain is starting to lose its 'decentralisation' ethos

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
crptotrader007
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July 15, 2018, 07:54:29 AM
 #14

According to me blockchain is a revolutionary technology set to change data storage system in a decentralized manner.This technology can be use in all forms of industries from medical to mechanical for storing data in more precise and secure manner.It can be cost efficient as well as with lightning speed.In many nation blockchain system is set to replace many traditional banking system.
ahmad21
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July 17, 2018, 06:15:14 AM
 #15

' The blockchain is a global and decentralized ledger that stores information about a transaction and also verifies the data'

it is interesting that all these results from a google search about "what is blockchain" call it a "decentralized" ledger. like this one that you copied from Wikipedia!
well blockchain is simply a chain of blocks which is made using cryptography. it is used in a decentralized manner in bitcoin but from what i understand there is no reason to use it in a decentralized way. you can see that clearly in many centralized altcoins that are also using the blockchain technology. which leads me to say that a better word for it is distributed ledger.

what the community is doing is this.
for the open decentralised(atbest) definition.. they call blockchain
for the closed / distributed within authorised userset definition.. they call DLT (distributed ledger technology)

however the way things are going where only one team get to dominate the direction of protocol changes and make demands that an upgrade is mandatory.. yea the old definition of blockchain is starting to lose its 'decentralisation' ethos
Blockchain is a place where a person can store and keep all his personal information and only that person can decide which part of information he wants to share and which not. Only he can decide that who can see the information and can also cancel that access. So while defining blockchain it can be said that it is a public ledger where a shared database can be recorded. You can have a look at this video they have explained blockchain for 5 different brain intelligence levels have a look https://www.youtube.com/watch?v=hYip_Vuv8J0
Ashwin Kumar
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July 17, 2018, 09:11:08 AM
 #16

A blockchain is a decentralized or brought together encoded database in which each new section is enrolled through a block of entries approved by numerical figuring through a system of PCs, without the capacity to return.
Brenda Karenn
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July 17, 2018, 03:34:19 PM
 #17

I think a definition is not enough for those who are just beginers. So more detailed explanation is better.
As Wikipedia, Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
I go through its key features:
-  Blockchain keeps a record of all data exchanges
- It utilizes a distributed system to verify each transaction
- Once signed and verified, the new transaction is added to the blockchain and can not be altered
Hope you will have a clearer visualization
Cynthia Andradee
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July 17, 2018, 03:38:50 PM
 #18

Blockchain is an encrypted database of agreements. It serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship.
Kathleen Gomess
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July 18, 2018, 11:50:14 AM
 #19

If it were me, I will define blockchain as a new network that helps decentralize trade, and allows for more peer-to-peer transactions. This definition is short and simple enough, I think.
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July 18, 2018, 01:02:51 PM
 #20

blockchain is an open ledger where you can see all your incoming and outgoing transactions. bitcoin is the first coin who practiced this system

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