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Tutorials What is Blockchain Technology? What is the blockchain for and how does it work? – Advantages and disadvantages

Tutorials What is Blockchain Technology?  What is the blockchain for and how does it work?  - Advantages and disadvantages

Since the world as we know it has become a digital world, many aspects of our lives, personal, professional, business and more, have changed completely. And because of a serious crisis that affected the world’s great powers in 2008, the whole world has started looking for a system that is reliable and that promotes the security of world markets.

Due to this need, what we know today as Blockchain appeared. If this is the first time you’ve heard of this topic or concept, please check out the official Blockchain page after reading this article. Otherwise, just take a few minutes to read and you can learn a little about Blockchain and part of what that entails.

What is called Blockchain technology?

To put it in a simple way, Blockchain technology is no longer a database that has a large amount of information that are encrypted in blocks. These blocks are at the same time connected to other blocks. So, a blockchain is created and hence the name Blockchain.

Although it seems like a simple system on which more and more businesses, transactions and so on are based, operation is much more complex and safer. To give you an easy idea, a set of blocks that is intended to change or transfer dollars to the euro in an easy way, must be subject to changes in each of the blocks that are related to it, so that the transaction can take place. .

This is why it is now a system or technology that has many advantages that are becoming stronger every year. In addition, Blockchain is decentralized, has a good level of synchronization and is likely the safest system that exists today.

What is Blockchain technology for?

The main thing we need to emphasize is that it is a technology that is trying to comply the function of a public register for any digital operation which users want to do. Which means it’s not just about digital money transactions, but you can also share or send any type of file, and even get or earn bits for Twitch and more.

In the same way, Blockchain allows the possibility to identify each of the people involved in a transaction, as well as to know from which device they do it and even to store and save that transaction. Because of this, despite its «simplicity», it turns out to be a pretty complete technology, complex and very well developed.

And if you’re still not clear enough about using Blockchain technology, you should know what used for the transaction logand sending important documents such as contracts with companies, the sale of music demonstrations and any other transaction made digitally.

How does Blockchain work?

It’s basically a digital book in which each transaction is recorded which were made on the net using this technology. You need to have a node or a computer with good power. Each node connects to the decentralized network without a host computer. Thus, each team uses the same language or protocol. Even when you use tik tok coins, there is a record.

how blockchain works

When sending a message, an and symbol is generated can represent any type of file, whether it is a digital currency or an important document. When sent, the information travels encrypted and never discloses the information mentioned, despite the fact that it is shared in different parts. This symbol is attached to a block, which is linked to other blocks.

And to access the information if it is the recipient, there must be an agreement by the majority of participants in this blockchain system. When it’s all over, a record is created that is permanent.