What Is Blockchain?

Blockchain is a method of storing data in such a way that it is difficult or impossible to alter, hack, or cheat it. A blockchain is a digital log of transactions that is duplicated and distributed across the blockchain's complete network of computer systems. Each block in the chain contains a number of transactions, and each time a new transaction takes place on the blockchain, a record of that transaction is added to the ledger of each participant. Distributed Ledger Technology is a decentralized database that is administered by various people (DLT).
Blockchain is a sort of distributed ledger technology in which transactions are recorded using a hash, which is an immutable cryptographic signature.

What is blockchain used for?

Blockchain technology can establish a permanent, public, and transparent ledger system for collecting sales data, tracking digital usage, and making payments to content creators like Wi-Fi users and musicians.

Why is there so much hype around blockchain technology?

There have been many attempts to generate digital money have been made in the past, but they have all failed. One of the most pressing issue is one of trust. How can we believe that if someone invents a new money called the X dollar, they won't give themselves a million dollars or steal your X dollars? So, Bitcoin was created to address this issue by utilizing a blockchain, which is a type of database. One in control of most regular databases, such as a SQL database, can make changes to the entries (e.g. giving themselves a million X dollars). It is unique in that no one is in charge; instead, the individuals who utilize it run it. Bitcoins can't be forged, hacked, or double-spent, thus people who own them can't lose them.


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