WHAT IS BLOCKCHAIN ?
Lets begin by first clearing up how a common database works, the average database stores data as you may well know. It stores data on a table format system, this works well and has been the standard for many many years. So blockchain is a very specific type of database, however it stores information very differently to you're typical database. Blockchain stores data into blocks and then connects that block to the previouse block.
so hypothetical situation: I want to buy £2,000 worth of Ethereum, so id make the purchase from any of the leading trading platforms such as www.coinbase.com , www.binance.com and many more, the purchase would then be attached to my crypto key and the data showing that i own said amount in Ethereum would be added to a block in the blockchain, this block has a limited storage and once it has been filled it is then attached to the previously filled block, so all blocks are linked chronologically. This is how the chain is connected, meaning the system using blockchain to store data can access at fast speeds as well as feel very secure that said data is safe.
BLOCKCHAINS FUTURE ?
There is a lot expected of blockchain, it has been described on many occasions as the next big invention since the world wide web (internet) and on par with inventions such as electricity, the light bulb and the motor vehicle.
There was a report from Cointelegraph that stated that "This is the biggest invention since the internet" and for very good reason, it is a very powerful system and the full potential is still yet to be seen. Blockchain is already used across a great many different app's and business models such as suply chains, healthcare, smart contract and so many more.
In the case of bitcoin for instance, blockchain is used in a decentralized way, meaning no single group or person holds control over the coins value or availability at market. This means the governments, banks and market leaders can not cut out the small guys and girls like us.
Decentralised blockchains are completely immutable, so once the data is input it cant change over time and all transactions in terms of bitcoin for instance is traced and can be viewed by anyone.
Blockchain can store most kinds of data, however the most common is cryptocurrency's primarily for the security as you need a personal crypto key to enter the area of the blockchain holding your assets.
credit (intellipaat.com)
I hope this article was able to give you a basic idea of what blockchain is, if so please leave a like or comment.
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