What Is Blockchain: Ultimate Guide

  • Each block in a chain contains the details about some transactions made in the network. They include the amount sent, date and time and digital signatures of transaction participants.
  • All transactions are peer-to-peer. The participants don’t use any intermediaries like banks or agents. As a result, they save a lot of money on the services of ‘trusted third parties’. The system itself ensures trust due to its very structure.
  • Blockchain is a distributed ledger stored and updated on multiple computers at the same time. Unlike a traditional centralized database, no single authority controls it.
  • As no central party manages and controls a blockchain network, it needs ‘miners’. They verify and confirm new transactions. Every transaction you make has to be validated by miners. Then it becomes a part of the blockchain.
  • All information is recorded and stored in an encrypted form. Each block has a unique code (hash) that distinguishes it from the other blocks. These codes look like strings of random characters and feature the same length.
  • Each block is cryptographically connected to the previous ones in the chain. Thus, it’s impossible to change anything in one block without affecting many others.
  • Blockchain is private and transparent at the same time. All the transactions are open but you cannot link them to any real identities.
  • It eliminates all sorts of middlemen, thus saving money and time for both parties.
  • A correct, updated and tamper-free source of information replaces many centralized databases that are often inconsistent, outdated and unwilling to talk to each other.
  • Blockchain streamlines many processes. It reduces the amount of paperwork we do every time we buy, sell or rent something, start a new business, move to another location, change jobs, buy insurance, etc.



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