Blockchain is a decentralized database that protects a large number of records. Such a database is not owned or controlled by anyone, nor is it located in a single place or data centre. The database can be so large because it is distributed throughout a network of all the computers that are connected to it.
Blockchain is not a single database. Since it is stored at each connected user, no one can change this database without the other users knowing.
Blockchain is a combination of the words block and chain. These blocks are created by miners using special software. Blocks are interconnected and the transactions between them are controlled by users.
Every movement, payment, and other action in the blockchain is verified by thousands of computers around the world, therefore it is very secure, practically eliminating the possibility of a fraud.
Blockchain is a sophisticated technology, comparable to the invention of the Internet back in the day. This is because it is not only associated with cryptocurrencies but is also beginning to be used for the decentralization of the state sphere and for information distribution.
This type of database is, in a sense of the word, “autonomous”. There are no weak points of possible attack, no one controls it, and it doesn’t need huge data centres to run.
All data is heavily encrypted using a hashing algorithm. Each of us can become part of this system by offering a part of the processing power of our computers.
Sources: wiki, koláž oKrypte, pixabay.com