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What is blockchain?

What is blockchain?

Blockchain is one of the hottest topics in the technology field today, but what is blockchain?

In general, blockchain is a method for recording information that makes it nearly impossible to change, hack, or cheat the system.

In the ordinary (non-blockchain) methods of recording information, data is recorded in centralized databases and on a limited number of servers. Therefore, the data can be easily altered or deleted, which can lead to fraud, hack, or misuse of the information.

Decentralized database

However, this issue is solved in blockchain, thanks to recording information in a decentralized database. Imagine that instead of recording data on a few servers, we record them in thousands or even millions of computers that are connected to the blockchain network. In this case, for any alteration, misuse, hack or cheat, one must access all those thousands and thousands of computers and change all the data, which seems impossible.

Blockchain will help us record information such as banking transactions, contracts, documents, or any other data type without having a manager or someone in charge. These data are managed by a collective collaboration of all the computers in the network.

In conclusion, blockchain is a chain of records’ blocks that are stored on numerous servers. These blocks are constantly filled with new records and are sealed at a specific time, and subsequent records will be stored on new blocks.

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Unchangeable

Another interesting point about recording information in the blockchain is that the entered data cannot be altered. It means that to alter data, the alteration must be stored as a new record of data. On the other hand, the recorded data will never be deleted and remain forever in the blockchain network.

In addition to the above-mentioned benefits, other security features such as Hash will improve the blockchain network’s security.

Smart contracts

Blockchain networks can be used in various fields such as finance and cryptocurrency, smart contracts, record-keeping, IoT, etc.

The fact is that currently, blockchain is one of the safest and most reliable methods of recording data, which is in the initial stages of its growth and development.

It should be noted that this article’s sole aim is to improve common knowledge about TRX and it is NOT a recommendation by Dapp.Game to invest in cryptocurrencies. Please consider that investing in cryptocurrencies is always risky and you should do adequate research before making any financial decision.

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