How does Blockchain work?

[Hasan Raza]

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
Some ones clarify about it?

 

[Kayzzy3]

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
Some ones clarify about it?

This is just telling you that blockchain cannot be monopolized by a single person, hance, the information stored on blockchain is available to everyone and anyone anywhere in the world so no one can say I own and totally operate this blockchain, that is the very essence of decentralising the information on the Blockchain.

And since blockchain update itself , it is difficult for someone to modify valid commands given to it create a new block, this is why blocks are very private to whoever created it despite it being on a very big blockchain.

For example, any modification to be made on the Dai blockchain can only be done after the community of users have overwhelmingly voted for that particular change or update.

 

[Adetayo100]

Blockchain does not store any of its information in a central location, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.

 

[Abbas ali]

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues.

 

[Akinwale701]

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
Some ones clarify about it?

I can say I'm a bit clarified about the way you explain it now. But my concern and question is that if BlockChain is indeed a decentralized store of digital currency,, how is it that it is controlled by come people and yet we are told to believe that it has no back-end log and they can't access out bitcoin even if we lose access to it. How come?
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Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
Some ones clarify about it?

I can say I'm a bit clarified about the way you explain it now. But my concern and question is that if BlockChain is indeed a decentralized store of digital currency,, how is it that it is controlled by come people and yet we are told to believe that it has no back-end log and they can't access out bitcoin even if we lose access to it. How come?

 

[Azhar119]

Now that we understand what blockchain is, it’s time to actually explore the components of the process and answer the question “how does blockchain work?” How blockchain works, to put it simply, is through a time-stamped series of data records, managed by a group of computers not under the ownership of any single entity, individual, or corporation. The blocks of data (which are, indeed, referred to as “blocks”) are bound to one another with the use of cryptographic principles, forming the eponymous “chain.”

 

[Tariq Shehzad]

blockchain innovation. The roots of blockchain are somewhat undefined. An individual or gathering of individuals known by the alias Nakomoto concocted and delivered the tech in 2009 as a manner to carefully and namelessly send installments between two gatherings without requiring an outsider to confirm the exchange. It was at first intended to encourage, approve, and log the exchange of bitcoins and other digital forms of money.

 

[Royalty]

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
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Blockchain technology is a structure that stores transactional records, also known as the block.

 

[Blue house]

Blockchain, simply put, is a database like a system that keeps a permanent shared record.

Unlike a conventional shared database system however, the record doesn’t just exist at one location. Rather, it’s shared among thousands of systems around the world, all of which reflect the same current state of something.

That something could be anything – a contract, an object, or the thing you’re trying to keep track of.

Each blockchain record (often referred to as a distributed ledger) is time-stamped, and every update to the something that’s tracked — a change in location, ownership, or current state for instance — can be logged and appended to the record as a new block in that record.

By replicating the state and trail of that something on multiple machines (called nodes) around the world, it’s easy to differentiate a genuine record from a fake one all you need to do is check a record against the updated copies out there; if the changes don’t add up, you can bet it’s a fake.

 

[adazeez1995]

That's true. In addition, blockchain purpose is to bring about the decentralisation of systems and take away the centralised power, especially that of the government and give it to the people. This had made many corporations to apply it and enjoy the benefits.

 

[Kelvin7656]

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.

 

[WhiteHouse]

Blockchain is a certainly brilliant development – the brainchild of an individual or gathering of individuals known by the pen name, Nakamoto.

It is regularly alluded as the "Up and coming Generation of Internet".

By and large characterizing, Blockchain innovation is a shared, unchanging worldwide public record for recording the historical backdrop of exchanges. It encourages another age of value-based applications that build up trust, accountability,guarantee and straightforwardness.

 

[Halexcity]

Blockchain is a decentralized platform that has no c.e.o its information can't be store in it. In other words its a technology used in confirming cryptocurrency without storing any of the transaction.

 

[GIFTMICHAEL]

I really enjoyed all the explanation given so far by users and those who already knows how block chain works.
To me i understand that block chain can be used to reduce cyber crime and internet crime especially in certain industry, location and organisation.

 

[Caali]

Blockchains require some mechanism to prevent centralized control of mining (i.e. transaction confirmations) by a single entity, otherwise that single entity can censor transactions at will and rewrite the blockchain's history at any time, rendering the whole idea useless.

 

[Kehinde]

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.

 

[Bilal0087]

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
Some ones clarify about it?

In simple words we can say that blockchain is just a system of transactions of cryptocurrencies and it does not store any type of information.
No one is its owner who is collecting your information, when one transaction is done the other will be processed simultaneously.

 

[Sarfraz Ali123]

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

 

[Nurudeen]

Blockchain is like a systematic software where most of the crypto currency is been launched. It helps the companies to decentralized their coin so that it won't be manipulated by ant other hackers and some unscrupulous element who would want to tamper with the system

 

[Zamaney]

First of all; a blockchain is a digital concept to store data. This data comes in blocks, so imagine blocks of digital data. These blocks are chained together, and this makes their data immutable. When a block of data is chained to the other blocks, its data can never be changed again. It will be publicly available to anyone who wants to see it ever again, in exactly the way it was once added to the blockchain.