Knowing Blockchain Technology

[raaman]

Knowing Blockchain Technology.

Blockchain technology is poised to transform the information technology industry just as open-source software did a decade ago. Just as Linux has been at the center of modern application development for almost a decade, blockchain is the best way to share information in the years to come, and it can be done with ease and cost-effectiveness on both Open and Private Networks.

However, a lot of hype was created around blockchain technology. It is because people felt it would completely change the future technology. This is also true to a large extent, but it doesn't make sense to talk like this, rather we need to understand blockchain technology as a whole and think about its different aspects. It is true that the speed of blockchain adoption is average.

But technologists believe that this speed is going to gradually increase in the following years, which is good news for all. In future this technology is going to change the whole world. Blockchain is a digital ledger. But do you know what a ledger is? A ledger is a book that maintains such accounts, where debit and credit transactions are posted from the book where the original entry is. ​

 

[Jakeso]

Nice explanation to blockchain tech and ledgers .
They can't be altered and that's the beauty in them transparency for all industries badly needd !

 

[BAMFORD]

Blockchain technology is a decentralized, secure and transparent ledger of transactions that is maintained by a network of computers rather than a central authority. It is the underlying technology that powers cryptocurrencies like Bitcoin, but it can be used for many other purposes as well, such as smart contracts and digital identity management.

The key features of blockchain technology are its immutability, meaning that once a block is added to the chain, it cannot be altered, and its decentralization, meaning that no single person or entity has control over the network

 

[Stunna]

​

Blockchain is a decentralized, digital ledger technology that records transactions on multiple computers in a secure and transparent manner. It was originally designed to be the underlying technology for the digital currency, Bitcoin, but it has since been applied to a wide range of other uses. Blockchain is characterized by its immutability, meaning that once data has been recorded on the chain, it cannot be altered or deleted, providing a permanent and auditable record of all transactions. The technology is maintained by a network of nodes, with each node having a copy of the entire blockchain, which helps to prevent hacking and other malicious activities.

 

[Patricks]

Blockchain is a distributed ledger technology that enables secure and transparent record-keeping of transactions. It is most commonly associated with the creation of cryptocurrencies like Bitcoin, but its potential use cases go far beyond that.

In a blockchain, transactions are grouped into blocks and linked together in a chain, forming a permanent and unalterable record. Each node in the network has a copy of the ledger, ensuring decentralization and reducing the risk of a single point of failure.