General discussion

How the blockchain works

By gvpguru ·
The blockchain is basically a distributed database. Think of a giant, global spreadsheet that runs on millions and millions of computers. It’s distributed. It’s open source, so anyone can change the underlying code, and they can see what’s going on. It’s truly peer to peer; it doesn’t require powerful intermediaries to authenticate or to settle transactions.
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How the blockchain works

by venkateshjonnakuti In reply to How the blockchain works

Mainly used for security

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How the blockchain works

by gvpguru In reply to How the blockchain works

Most blockchains—and Bitcoin is the biggest—are what you call permission-less systems. We can do transactions and satisfy each other’s economic needs without knowing who the other party is and independent from central authorities. These blockchains all have a digital currency of some kind associated with them, which is why everybody talks about Bitcoin in the same breath as the blockchain, because the Bitcoin blockchain is the biggest.

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how does blockchain work

by sebastianstan212 In reply to How the blockchain works

The blockchain constitutes with a distributed public ledger for recording all transactions on a particular network. It is open to everyone. The Blockchain can be simply called a chain of blocks containing data or information. The data embedded into each block cannot be altered at any cost. Each blockchain imbeds data constituting the hash for the current block and the hash for the previous block.
Read more: http://www.blockchainexpert.uk/blog/how-does-blockchain-work

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How blockchain works?

by sajin2 In reply to How the blockchain works

Well, blockchain can be considered as a shared spreadsheet like the one available in Google Sheets which can be viewed, modified and edited by a large number of computers known as nodes spread around the world. So every transaction is publicly available and can be verified by any nodes within the network. Which means alterations or manipulations on that ledger is not practically possible since it requires a very huge amount of computational capacities.

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blockchain

by samgord In reply to How the blockchain works

I think it's the best to share some info for beginners.
You may find simple explanation here: https://cointelegraph.com/bitcoin-for-beginners/how-blockchain-technology-works-guide-for-beginners

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blockchain works

by alexbarnes590 In reply to How the blockchain works

A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.

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Why Blockchain is a trusted approach

by miaavery77 In reply to blockchain works

Blockchain can be trusted due to so many reasons.

- The very first one is its compatibility with other business applications due to
its open-source nature.
- Second is its security. As it was meant for online transactions, the
developers have paid special attention in keeping up the pace when it comes to its security.
- It really doesn’t matter what type of business one owns, Blockchain can easily be considered.
- Transaction histories are Transforming to a technically updated and
secured ones with the implementation of Blockchain.
- Increased efficiency and speed.
- Reduced costs and RoI will automatically grow.
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