The blockchain turns the entire network into its source of truth. It’s a mechanism for us to collectively confer legitimacy on one another.
It is just a record, or ledger, of digital events. It can only be updated by consensus of a majority of the participants in the system. And, once entered, information can never be erased. The bitcoin blockchain contains a certain and verifiable record of every single bitcoin transaction ever made.
Blockchain allows people to make fast transactions all around the world, without the involvement of the banks. This technique has recently raised attention of banks, since it can be potentially used in areas from remittances to securities exchanges. Banks are more excited about the blockchain technique than the fast developed cryptocurrency.
Trend in the digital world – blockchain as a database
Want to know more about the blockchain?
Blogger Chris Clark talks about the Blockchain technology
There’s this hopelessly geeky new technology. It’s too hard to understand and use. How could it ever break the mass market? Yet developers are excited, venture capital is pouring in, and industry players are taking note. Something big might be happening.
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