Good explanation of BLOCKCHAIN.

[MercySmith]

Well I have been hearing the word blockchain from different platform, groups and persons. It seems as if the world of cryptocurrency can't exist without blockchain. Can someone please explain to me what blockchain is all about cause I was think it's just another platform like Binance.

 

[Donolatunji]

Blockchain is a decentralized public network that allows individuals and businesses to instantly store and securely transfer information and currency. Blockchain is the technology behind digital currency (Bitcoin, Litecoin, Ethereum, and the like). The technology allows for the delivery, but not copying, of digital data. ... The data is continually reconciled into the database that is stored.

 

[Royalty]

blockchain is a database that is shared across a network of computers. ... To ensure all the copies of the database are the same, the network makes constant checks. Blockchains have been used to underpin cyber-currencies like bitcoin, but many other possible uses are emerging.

 

[Olahab]

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

 

[Muhammad Irfan **]

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

 

[abubakar3141]

Blockchain is a system for recording information that makes it difficult or impossible to modify, hack or deceive the system. A blockchain is basically a digital ledger of transactions that is copied and distributed across the entire network of computer systems on the blockchain.

 

[ahmedo24]

Blockchain is a public ledger where Crypto currencies transactions and other Crypto data are share across different networks, once registered it can't be edited. Blockchain wallet also exist separately from blockchain network but uses the blockchain technology.

 

[Jlife]

Blockchain is a special way at which a certain information is stored on the internet in a way that it can be transferred from one person to another and this is the same way cryptocurrencies are still and can be transferred from one person to another without any mistake

 

[Olubayo12]

Well I have been hearing the word blockchain from different platform, groups and persons. It seems as if the world of cryptocurrency can't exist without blockchain. Can someone please explain to me what blockchain is all about cause I was think it's just another platform like Binance.

it is a network of cryptocurrency where each block is represented by the node used in mining by the bitcoin miners.... Also the network of Block chain is the most secured and not easily penetrated as far as hacking is concerned. Hackers don't find their way in there.

 

[BlueNote]

Blockchain is the technology the underpins digital currency (Bitcoin, Litecoin, Ethereum, and the like). The tech allows digital information to be distributed, but not copied. You may hear it described as a “digital ledger” stored in a distributed network.

 

[Shahzaib37]

Well I have been hearing the word blockchain from different platform, groups and persons. It seems as if the world of cryptocurrency can't exist without blockchain. Can someone please explain to me what blockchain is all about cause I was think it's just another platform like Binance.

Blockchain is a process of connection of different currency and people by blockchain people share money each other and always make a connection by the many people get together for earning more currency and get benift.

 

[Sheun450]

Blockchain is the technology the underpins digital currency (Bitcoin, Litecoin, Ethereum, and the like). The tech allows digital information to be distributed, but not copied. That means each individual

 

[Nomad]

There is a multi currency wallet and an exchange platform called Blockchhain. However, blockchain is the word used for public ledger where all crypto transactions are recorded.

 

[Muhammad Arslan]

The records that the network accepted are added to a block. Each block contains a unique code called a hash. It also contains the hash of the previous block in the chain.

 

[Ralphjoe]

Blockchain is actually the process of storing information and processing it in a way that it's difficult for anyone to hack, cheat or control it. It's a breakaway from the system whereby one central authority can manipulate a system.

 

[tyrim88]

The records that the network accepted are added to a block. Each block contains a unique code called a hash. It also contains the hash of the previous block in the chain.

One of the thing that makes blockchain technology very good is that it is a system of not only for cryptocurency transaction trading confirmation,but also individuals and government are using it for population countinting and election data storage.

 

[Elfinito]

Just like the bank log system, block chain keeps a record of all the crypto transaction and one could easily login to check the status of his transaction

 

[Heatman]

Just like the bank log system, block chain keeps a record of all the crypto transaction and one could easily login to check the status of his transaction

Exactly, this is actually a very good explanation of blockchain technology and how it works for people who are still new to the term because the bank has their own database how its stores their daily banking transaction, why the blockchain technology has their own storing of data technology as well.

 

[Ceeny007]

Block chain technology is used majorly in the trading of crypto but it can also be used to host a lot of data including elections and population census

 

[Trexxxy]

A lot of people in the comments have done justice to the question and there is nothing much I can add, except that the technology itself isn't regulated by an individual or body, so no centralised system to backpedal to.