What is a blockchain - I became rich using this method and now I make over $10,000 monthly.
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Scott Evans
15.01. 2018 23:25  | 

Blockchain is made from a two words, blocks and chains. It would be more clear if this technology were named chains of blocks which are essentially represented. Let\'s start with the simple explanation. Blockchain is a huge database of recorded blocks. Whenever the blockchain database gets update, new block is recorded into system and all the database replications within the network display this new block in the same way.

Basically, it is a technology where database of transactions or any other data is distributed and shared among the different computers and servers and no one is controlling it. Every time when blockchain is updated, all the replication within the network get updated.

Blockchain is called revolutionary technology because of these facts:

Security

With the today\'s technology it is impossible to attack this database. Here\'s answer why. Imagine situation when hacker attacks one server or computer, the rest of the computers in this distributed network will still have the same, valid version of database and the blockchain technology can easily compensate the damage. There is no possibility for hackers to attack all the servers at once.

Blockchain destroys monopoly

As we already said, there is no entity that is controlling the whole system, blockchain is self-sufficient, based on consensus among the community members.

Transparency

There is no possibility of faking transaction. The transaction is confirmed when all the servers shows the same transactions and occurrences, which means that everyone can see all the transactions ever made.

No intermediaries

This technology doesn\'t need any bank, government, regulators, etc. The injection of new coins are based as a reward for solving mathematical issues within the network.

These are just core benefits of this technology and there are plenty of them not mentioned. For example Ethereum is a good example of blockchain potential. Ethereum is platform based on smart contracts where people can negotiate contracts without third party.

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