What exactly is blockchain?

[Justin]

Crypto currency transactions are stored on a ledger called blockchain. Can anyone shed light on this topic. I want to know what exactly is blockchain and how does it work? Are blockchains only for storing transaction or do they have other uses?

 

[cowantussie]

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.

 

[Ralphjoe]

Blockchain is a system of confirming transactions in which it can never be altered, controlled or manipulated because it uses a decentralized system of transaction confirmation that even the government cannot control or manipulate.

 

[Lens]

I think it's a blocks of chain transaction and it's a platform where cryptocurrency transactions takes place. It records the transaction details and keeps it for record purposes. It's basically a medium for cryptocurrency transactions

 

[Hena101]

What i understand about blockchain is the it's like a system that is used for ctypto currency transactions because it records all the details of the transactions for record keeping and it's not easy to be manipulated by an individuals or be hacked easily.

 

[Trexxxy]

I think the first two comments have said it all. It is a sort of online/digital ledger for crypto transactions if you want to check whether the coin you sent had gone through, you can look it up on there.

 

[Alexandoy]

Even after reading the comments above on the description of the block chain that it is a digital ledger I still cannot understand the crypto coin that is borne from the blockchain. What do we get when we do mining, is it related to the block chain so that we earn something?

 

[Nomad]

The blockchain is a digital ledger where information is stored. In terms of crypto currency, all transactions are stored on this ledger for public viewing.

 

[Hena101]

The blockchain is a digital ledger where information is stored. In terms of crypto currency, all transactions are stored on this ledger for public viewing.

Of course as you said but i have a question here why it's that it is keep for public viewing?

 

[tyrim88]

Crypto currency transactions are stored on a ledger called blockchain. Can anyone shed light on this topic. I want to know what exactly is blockchain and how does it work? Are blockchains only for storing transaction or do they have other uses?

The blockchain technology is a ledger that s decentralised,users are connected through their own computer system,and transaction is carried out by anyone connected without a central control by any person.You can do funs transfer,trading activities etc,The historey of any one connected is stored and can be viewed by everyone.

 

[Zevin]

Blockchain stores data in individual blocks and these blocks are inter connected. There are various uses of blockchain and the obvious one is creating financial services

 

[Nurudeen]

Since I started crypto currency exchange Business I have also been looking for more ways to know more about block chain and the contribution it makes to crypto currency exchange Business

 

[Ebro01]

Block chain is an application that is use for transaction, information of an individual and data that can't be dubbious.

 

[GIFTMICHAEL]

It's simply a crypto bank that process every crypto currency transactions. When you're using an exchanger to move your coins out the blockchain helps to process it.

 

[Yusuf]

Blockchain is a decentralized system that allows all crypto currency to be stored on its system without any form of regulations from anybody and it's very good and easy to use

 

[Kubiat-Abasi]

Blockchain is a system of confirming transaction in which it cannot be manipulated or altered. It is decentralized, hence it allows crypto to be stored in a system without any form of regulation.

 

[Kaffyfolla]

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.

 

[Dagm1]

It appears to be a block of chain transaction and a platform for bitcoin transactions, in my opinion. It maintains track of the transaction information and records them. It's essentially a cryptocurrency transaction channel.

 

[Ub40]

It is very important to know some of the terms used in the crypto world and how they work. From my findings, I discovered that blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

 

[HayKay]

Blockchain isn't only used to store data but to the make the transaction easier, faster and more secure. In layman's terms, think of blockchain as a payment channel like PayPal and the rest.