Indeed, while browsing many websites on the Internet, there is no doubt that you have encountered many explanations or labels regarding this technology; there are those who describe it as a technical revolution, and there are those who see it as a new generation of the Internet, or an innovative coding system etc.
Blockchain technology – and there was no doubt that during this period it was subjected to experiments and a series of attempts to break it or discover its weaknesses – has proven its strength in its steadfastness throughout this period as a new and revolutionary new technology.
Blockchain technology is complex, but on the other hand it is easy to understand how it works; to realise its strength and advantages, we will simplify for you dear reader the most important information and answers for all your questions about blockchain technology…
You will learn about this new technology, a genius idea, from everyone interested in the Internet and information technology whose main concern is to know “What is the blockchain?” And to put you in the picture dear, in order to understand it in an easy and simple way, let’s talk a little about the Internet first.
The latest developments in the internet from the nineties of the last century is a huge technological and economic revolution, still in existence and in continuous expansion. As the Internet has affected all aspects of our lives, it is difficult for us to even think about the possibility of living in a time and place where the Internet is not available, because it simply made life for people more accessible and more wealthy.
The Internet is a global network in which people exchange different information through different media and means. The Internet has undergone great development over the years, but despite this, information security, privacy and transparency remain among the most prominent problems associated with the use of the Internet.
The information is transmitted on the internet via transcription, meaning that the information is transmitted when it is created and sent to its destination by copying it several times! Example: When you write an email, you have a copy of the message in the email message box, and when you send it to your friend, your message does not leave the message box, but rather remains in the “Messages sent” section, while the email message provider, eg. Gmail or Yahoo, sends a copy to the messaging service provider for your friend and then the latter communicates with your message in his e-mail box.
All of your emails are present on the servers of this service provider, and you may be denied access to them if your account is locked for some reason or the servers are down. So, there is a central authority that controls you!
There are always multiple copies of any information which makes it difficult to exchange valuable things over the Internet because in every exchange, anything will be copied multiple times, and will lose its value.
That is why blockchain technology came to solve these two problems on the internet through:
- Making the information available to you whenever and wherever you want.
- Ensuring that information is transferred from one person to another without the possibility of the first person retaining the same information.
- The strength of the blockchain technology lies in that it is the only technology so far that has made for the first time in history the possibility of a unique piece of information in several separate places.
You can also perform the bitcoin trade securely with bitcoin billionaire
How does blockchain work?
The name blockchain is a compound word with two words: block and shin, i.e. a block chain, which is a database.
The block is simply a digital file in which the information is recorded, according to a set of rules and laws that were previously determined, and it cannot be changed except through the approval of all the interferers in the system.