If you ever come across the term Bitcoin (and the chances are high), you probably heard about the “blockchain”, the technology that underlies the most popular electronic currency.
However, understanding what a blockchain is is a bit more difficult than understanding what bitcoin is and how it can be used in daily financial transactions
I know what you are thinking about and I understand it. “Why do I need to understand what is the basis of Bitcoin? Let’s just say that in the near foreseeable future you will read that more and more new companies are using blockchains to support their core business. And I’m not only talking about finance.
A blockchain can be represented as a public account book that stores data in a decentralized network, allowing users of this network to access and confirm any publicly recorded transaction.
This revolutionary technology was first used to create Bitcoin. Taking this as an example, let’s imagine that you want to transfer a certain number of bitcoins to another person. This transaction will automatically be recorded on the network and confirmed to other users, not the government or bank.
Each link of this chain contains a kind of individual bank statement, in any case, it can be so perceived. The blockchain database is transferred to each new computer that connects to the network.
In other words, the blockchain technology is reliable, transparent, unconditional and irreversible, which makes it a non-weak threat or opportunity for many in the future.