Lately I’ve been hearing a lot about something called “blockchain”. I think it sounds interesting and important, but I’m not sure I quite understand it so far. Can anyone possibly help clarify what it is and what it isn’t?
From my understanding, a “blockchain” is a system for recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across an entire network of computer systems. It’s basically a new form of digital accounting.
Oh, that’s fascinating! However, some of the terms, such as a “digital ledger of transactions”, “smart contracts”, and a few others, are still quite puzzling for me. Could you assist me in learning these new words?
Sure, the terms used may be unfamiliar to you, but I can assist you in making sense of how they are defined. Please see the link below to learn more about some of the meanings.
Ok,because i thought blockchain is all about crypto currency. So whats the relationship between crypto currency and blockchain
No, blockchain isn’t just for cryptocurrencies; it has a wide range of applications.
To be more precise about Blockchains, they have cryptographically secured distributed ledgers. They are essentially public databases that anybody may contribute to or examine at any time. Instead of being stored on a single centralized server, the data is replicated over thousands of computers throughout the world, allowing each machine to access the database.
So, Blockchain technology is used to create cryptocurrency.
Blockchain can be used in many other work fields as well. Please see the link below to learn more about it.