How does Blockchain work?

[Bangiszz]

Blockchain is a tremendously significant, groundbreaking innovation that will re-shape organizations. This book causes you make a blockchain procedure and business case, paying little heed to area.

Blockchain doesn't store any of its data in a focal area. All things being equal, the blockchain is duplicated and spread across an organization of PCs. At whatever point another square is added to the blockchain, each PC on the organization refreshes its blockchain to mirror the change.

 

[Snazzy001]

The little i know about blockchain is that block chain cannot be monopolized.That is to say, blockchain cannot be controlled by one person.this implies that blockchain can never seize to exist, and that is one good thing.

 

[Ralphjoe]

This just means that the blockchain technology is impenetrable because any transaction that is received is not stored in a central system whereby anyone can distort or manipulate it but rather once it receives transaction, it spreads it amongst different computers before they can confirm it so such a system of transaction is actually very safe and impenetrable.

 

[Greatguy1]

Just a way of avoiding hoarding of Bitcoin. They have killed any form of monopoly that any individual or group could have over the crypto-currency. However, it may still be manipulated but it will be expensive to execute. They will have to own so many network of computers to create its monopoly.

 

[abubakar3141]

Phase 1) A transaction is demanded by some person. ...
Phase 2) With the aid of nodes, the requested transaction is broadcast to a P2P network.
Phase 3) With the help of proven algorithms, the node network validates the transfer and the user's status.

 

[Onachukwu]

A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time

 

[Felixko]

blockchain is a software which is use to install on computers and mobile phones to store all crypto currency. in this, blockchain enable many people to store their crypto currency in it and also them to know when the rate increases.

 

[Fabby]

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.

 

[ahmedo24]

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.

This what makes blockchain to be more transparent in all transactions no control by anybody the moment transactions are entered they are not erasable and they are shared almost immediately making it difficult to tampered with.

 

[henrylordstron]

Blockchain is a smart technology keeping privacy and anonimous bevahior and based on transaction confirmations on blocks. Compared to fiat payment, this technology is far better and hassle free. Blockchain developers and smart contract coders increasing day by day.

 

[Diamond07]

Blockchain technology is an open distributed ledger that can record transactions of two parties securely and efficiently. Blockchain can only be updated by consensus between participants in the system, and once new data is entered it can never be erased.

 

[Suba]

Blockchain is a digital data storage system that is connected via cryptography, Blockchain will function as a distributed ledger that records and protects digital data through the use of cryptography. The way blockchain works starts when a block stores new data. The blockchain system itself consists of two types of records, transactions and blocks. Each block contains a cryptographic hash to form a network.

 

[Seun4luv]

Since blockchain solutions function through distributed, encrypted, and shared ledgers across network's users, it results in a network of validation that can be verified, traceable, and hard to hack. By implementing blockchain a device has to go through the entire ledger to gain access.

 

[Kingsley]

Block chain helps us in trading in a secure way, basically for our crypto currency. It a major platform that make trading secure.

 

[tyrim88]

I have learnt a thing or two about blockchain,I did not really know the full functions and role of blockchain.From what i can deduce it cannot be manipulated,because of its link of data,and you can actually checked the history of any transaction.this will actually prevent the issue of fraud,because the data are updated regularly and are time bound.

 

[Haveit]

I want to believe that many people here have already done justice to defining blockchain in addition, block chain is a ledger system that most crypto currency like bitcoin, ethereum etc run on to complete transactions.

 

[Dowenship]

Block chain helps us in trading in a secure way, basically for our crypto currency. It a major platform that make trading secure.

Due to its high level of security, blockchain ensure that traders and investor's fund safe and trade with no loss but the fees are high...

 

[Buba]

Write your reply...blockchain does not store information ,the only thing is that it's play in giving a computers an information.

 

[Elfinito]

The little is know about the block chain is that it stores record of transaction in the crypto space

 

[Kubiat-Abasi]

The fact is, Blockchain cannot be monopolized by anyone. Also, it helps the company to decentralised their coin such that it cannot be manipulated by anyone and it has encrypted security codes.