What is Blockchain technology?

What does blockchain mean?

A blockchain is a list of data blocks that are linked to each other. Each ‘’block’’ is used to store data, and they are connected in a ‘’chain’’. When a new block is added to the blockchain, the whole blockchain becomes more secure as new blocks can only be added to the end of the Blockchain and any attempt to alter blocks in the middle of the chain would make the whole chain invalid.

The blockchain is like a database; it is a way of storing records of value and transactions. Almost anything can be recorded on the blockchain.

How does blockchain affect the world?

Blockchain technology enables you to have full control over your assets. This feature of Blockchain means that you won’t have to worry about someone taking control of your assets or stealing your money.

One of the biggest benefits that blockchain offers is the speed of transactions. For instance, when completing a Bitcoin transaction, you won’t have to wait 2-5 days, because bitcoin transactions only need about 10 minutes.

What are the benefits of blockchain?

Blockchain technology removes the need for intermediaries, allowing people to transact directly with each other.

Who are witnesses?

If something is published on public blockchain, all participants become witnesses.

This is used, for example, by originstamp to create secure timestamps for documents.

What are the common challenges of Blockchain?

• Energy consumption

• Scalability

• Money laundering

• Personal responsibility

Written by Tamaz Chinchaladze