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5 Facts About Blockchain

I am sure everyone has heard about a blockchain, or at least bitcoin (cryptocurrency built on a blockchain) . Incase you have no idea what a blockchain is, I would define it for you

What is a blockchain?

A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.

Now back to the 5 facts about Blockchain

1. Blockchain isn’t just a virtual currency: it isn’t just about bitcoin, though bitcoin and altcoins are Built on blockchains, there are several uses of blockchain technology: voting, Decentralized applications, data and record management, Internet 3.0,private data storage and security encryptions.

2. Records on a Blockchain Can’t Be Altered: you cant alter a record , no duplications, additions or subtractions. Whenever a transaction or data is recorded, all accounts on the record are updated too, providing transparency. If you have to alter a record, you have to alter it on all accounts, imagine that.

3. Like I said above, The Blockchain is Transparent: everyone sees what is going on, though your identity maybe encrypted, but you can’t just bring records out of the blues and slap it on everyone’s face, there has to be proof of how you came by it and everyone sees the whole process.

4. Blockchain is Decentralized: it is not a server to many users kind of technology, where if the server is down, everyone becomes idle. There is no central authority, everyone is an authority…

5. There are no 3rd parties: when two parties agree on a transaction, it is carried out instantly, no 3rd party fees

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