So, What exactly is Blockchain?…
That is a common question asked among people, Blocverse is going to give a very simplified explanation of “The Blockchain” in the shortest way possible. Probably more comprehensive than Wikipedia too! (haha).
so the topic Blockchain
Blockchain:
(The technology behind bitcoin)
The blockchain simply means attaching a block to another till the desired size is reached.
Blockchain is the technology of the cryptoworld. Blockchain is not only for bitcoin! Other cryptocurrencies (which would be talked about as you read on) are also created with this technology. This technology has so much potentials that we still don’t know the full capabilities of this technology. This technology not only provides ultra-safe data but also helps in finances and all other aspects of the economy. We have a private blockchain system and a public blockchain system. The difference between the two is that before you get access to a private blockchain systems you have to be invited by the creators of that block chain system but in a public blockchain systems you can see the data without getting invited it’s for the eyes of the public.
A blockchain, originally blockchain, is a growing list of records, called blocks, that are linked using cryptography. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
This is generally how bitcoin is created, as I said in the previous pages. Bitcoin is literally the transactions done in your computer processor.
Blockchain is a digital concept to store data. This data comes in blocks, so imagine blocks of digital data. These blocks are chained together, and this makes their data immutable. When a block of data is chained to the other blocks, its data can never be changed again. It will be publicly available to anyone who wants to see it ever again, in exactly the way it was once added to the blockchain. That is quite revolutionary because it allows us to keep track records of pretty much anything we can think of (to name some: property rights, identities, money balances, medical records), without being at risk of someone tampering with those records.