What Is Blockchain Technology?
Without blockchain, bitcoin couldn’t exist.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Definition by Don & Alex Tapscott, authors Blockchain Revolution (2016)
According to my understanding, Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the idea is that blockchain cannot
- Be controlled by any single entity.
- Has no single point of failure.
Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
I hope i made a little sense