asked in Business+Finance by

Please log in or register to answer this question.

4 Answers

0 thanks
answered by Patron (1,914 points) 3 6 16
Blockchain is a system of recording or databases that are widely distributed on the network. It is also called the distributed ledger. It is a system that does not use any third parties like banks or credit cards. In essence, records of transactions that have taken place are stored by many computers scattered on the network itself. 

So it will be harder to hack hundreds or thousands of computers, and chances are less for all the computers to experience interference at the same time. For example, if you pay for your lunch using bitcoin (one of the cryptocurrency), bitcoin for the payment of that lunch is transferred from your bitcoin address to the hotel's bitcoin address in a peer-to-peer manner.
0 thanks
answered by (22 points) 1 4

Blockchain is a decentralised technology system that stores data in a block structure with multi-party maintenance and uses cryptography to guarantee data transmission and access.

I've read a vivid analogy of its definition from What is Blockchain Technology: A and B lived in a same village and one day A borrowed money from B. B asked the village head C to be the witness to record the deal in case that A repudiate the debt. That might lead to "centralisation" because C is the only one with the rights to modify the account book. Gradually, villagers worry that C would embezzle money, so everyone gets an account book and they will be informed of each transaction by announcement. That is "decentralisation". Blockchain is similar to a public account book which allows everyone to record data.

The three most important features of blockchain technology are: decentralisation, tamper-proof and traceability. The first one is explained in the above example. Tamper-proof means that the information on the blockchain cannot be modified at will and traceability means all the data sources will be visible and clear on the blockchain. Because of this, it is expected to benefit many industries, such as the e-commerce. It can secure the online payment and allow people to keep track of the supply chain and logistics flow, thus preventing the counterfeit issues.

0 thanks
answered by (101 points) 1 4

You can get the answer of your question in really simple manner by click the link: Click Here. Hope so the article will solve your query.

0 thanks
answered by (22 points) 1 2
Blockchain is main wallet or store for bitcoin and it's used for recieving and sending bitcoin to another bitcoin wallet and blockchain is used for trading and mining of bitcoins.

3,184 questions

9,847 answers

4,647 replies

2,528 users

Most active Members
October 2019:
  1. Leyley - 37 activities
  2. ochaya oscar james - 8 activities
  3. traiti - 7 activities
  4. LydiaC3006 - 6 activities
  5. Shiv Prakash - 6 activities
  6. Maxime - 5 activities
  7. merleneNMS - 4 activities
  8. DuncanLane91 - 4 activities
  9. lincy - 4 activities
  10. beachgirl011 - 3 activities
Most answered Members
September 2019:
  1. Leyley - 25 answers
  2. amnelso - 4 answers
  3. Leiah Watkins - 2 answers
  4. lincy - 1 answers
  5. carlclear - 1 answers
  6. Marvin James 1 - 1 answers
  7. greencrayon - 1 answers
  8. Jolejnik - 1 answers
  9. Jasmin - 1 answers
  10. scoopity - 1 answers