What is BLOCKCHAIN? The best explanation of blockchain technology

HOW DOES BLOCKCHAIN WORK?

Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties.

Technically, the original blockchain is separable from Bitcoin, but this report will show that the blockchain design is so specific to Bitcoin that it’s not a good fit for much else.

The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire.

Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network’s algorithm ensures that each transaction is unique.

Video created by the Centre of International Governance Innovation.

Eric W. is a self-educated ghost writer who for the past seven years has been involved in Blockchain, Cryptocurrency, and Digital advertising sectors as Project Director, Miner, and NRA (Network Resource Application).

Contact Eric

Comments

Recommended Stories

Opinion: When blockchain arrives in fintech, Visa, PayPal and other companies will feel the pain

Blockchain for supply chain: Australia sees promise

Fashion Blockchain – Critical To The Future Of Fashion & Smart Clothes

Venezuela to Launch a ‘Crypto Casino’ in Caracas + More News

Will Russia’s New Prime Minister Help Foster The Adoption Of Cryptocurrencies?

Canadian Regulatory Group Targets Crypto Exchanges Holding Users’ Digital Assets

Another Milestone After Another Trade Deal

The Future of Cryptocurrency in the Global Market

Radpay Announces Publication of First Patent for Blockchain Payment & Loyalty Platform