what is blockchain technology in simple words

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Blockchain A system that records information in a way that makes it hard or impossible to alter, hack, or cheat. A blockchain is essentially a digital record of transactions that can be duplicated and distributed to all the computers in the network.

 

What is blockchain technology with example?

A Blockchain A chain of blocks that contains information. The type of blockchain determines the data that is stored within a block. Example: A Bitcoin Blocks contain information about the Sender, Receiver and number of bitcoins that will be transferred. The Genesis block is considered the first block of the chain.

 

What is blockchain technology for beginners?

Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain, in a network connected through peer-to-peer nodes. This storage is known as a digital ledger’.

 

What is blockchain technology used for?

Blockchain Technology can be used for creating a permanent, transparent, and public ledger system that compiles data on sales, digital use, and payments to content creators such as musicians or wireless users.

 

How do you explain blockchain to a child?

 

How do you explain blockchain in plain English?

In short: Blockchain This distributed digital ledger of information adds new information in chronological order. Once data is added to the chain, it becomes immutable. This is due to Hash (digital fingerprint), which is assigned to each block. If transactions are changed in the block, the Hash of the block is modified.

 

What is blockchain in real life?

Blockchain Technologies are the digital, distributed, decentralized, and decentralized ledger that represents the most virtual currency. It is responsible for all transactions without the use of a financial mediator such as a Bank. It is a new method of transmitting funds and recording information.

 

 

 

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