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Good explanation of BLOCKCHAIN.

  • Thread starter Thread starter MercySmith
  • Start date Start date
Blockchain is a decentralized system that helps to store cryptocurrencies which cannot be altered, manipulated or regulated.
 
The blockchain is basically the network that permit a decentralized, self executed transactions. It's the technology upon which the cryptocurrencies are created.
 
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. ... Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
 
Blockchain is a unique method of storing information on the internet in such a manner that it can be transmitted from one person to another without error, just like cryptocurrency can be transferred from one person to another without error.
 
Reedex said:
The blockchain is basically the network that permit a decentralized, self executed transactions. It's the technology upon which the cryptocurrencies are created.
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Why the government of so many countries are fighting the Blockchain technology is to monopolize the currency to control the flow and value.
 
Heatman said:
Why the government of so many countries are fighting the Blockchain technology is to monopolize the currency to control the flow and value.
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on the contrary I don't think any government is fighting blockchain because blockchain is not cryptocurrency many countries even China's using blockchain to run the activities.
 
In simple term bockchain is a ledger that can be accessed publicly. Blockchain is a technology to store data, which creates a chain of blocks to store data.
 
When I saw the above thread title I just have to come in to check what blockchain really is. From the comments above, I think justice has been done to the question above which confirms the fact that there are so much to learn in this great platform than just making money. That is just my take.
 
Well blockchain and binance aren't the same - just like was explained earlier, a blockchain is the foundation upon which all cryptocurrency transactions is built including storage of transaction data.
Binace is only a provider of a platform that enables these transactions.
 
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.
 
greenie said:
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.
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You have given the best definition of the blockchain technology. It record all the transactions made in an open ledger that could be accessed by all the people In the blockchain.
 
Blockchain technology is a decentralized platform which enables crypto users to mine, store , and transact with their crypto currency securely and serves as the regulatory technology which controls the crypto currency activities to ensure more security.
 
This is the simplest definition I know. 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. Hope this simplifies it.
 
The blockchain is an open ledger where cryptocurrency transactions were recorded . it is accessible by all the users on the block chain because it is a decentralized platform.
 
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