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What is the blockchain?

What is the blockchain?

The word blockchain comes from English and literally translates block chain. The blockchain is a database, a piece of software in which data is stored. The first block of the “creation block” begins, all other blocks are first checked and then attached chronologically at the back.

Who actually invented the blockchain?

The concept was dreamed up by a gentleman (or an entire team) using the pseudonym Satoshi for the virtual currency Bitcoin. You needed something like a common and public decentralized box office book for all users. Like a huge Excel file, in which you can only add new entries and not delete or modify older entries.




Are blockchain and bitcoin actually the same?

The blockchain itself is theoretically much more than the bitcoin or other similar cryptocurrencies. Cryptocurrencies behave to blockchain, like the World Wide Web to the Internet – a concrete application versus the entire platform.

What is so special about a blockchain?

The blockchain a distributed (decentralized) Database and does not lie on any servers, but each user has their own and complete copy. In addition, the blockchain is forgery-proof, since each is connected to the previous block and contains the entire history in the form of its test sum. Each block also contains the test sum of the entire chain. Thus, the order of the blocks is clear. All data is stored encrypted and manipulation is impossible as a result.

What can you actually do with a blockchain?

Transactions or information stored in a blockchain are, by principle, genuine and immutable. Therefore, you don’t need anyone to manage or certify them. Middlemen such as banks, financial authorities or notaries are no longer needed. Not only customers – the banks would no longer need to have their own central and expensive IT infrastructure. Smart contracts with programmed rules and functions could replace traditional contracts on paper. The aim is to focus on the people who act and to facilitate so-called peer-to-peer communication between them.



Is blockchain the technology of the future?

Yes! There are even experts who attach similar importance to the invention of blockchain to the invention of the internet.

 

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