What is the blockchain and why is it important?

in #blockchain7 years ago


I decided to write a little introduction because it seems to me that many people have asked me the same question lately or are looking for links to explain the technology simply. So I start and I hope to be able to simplify everything to its simplest expression.

We will skip the history of bitcoin with Satoshi Nakamoto because a simple search will give you all the details or if you are a little more lazy this link: https://en.wikipedia.org/wiki/History_of_bitcoin

The standard blockchain as the name says is a list or chain of block (or containers) programmed to contain information.

A bit like your bank booklet that contains a list of all your transactions, the blockchain (again has its simplest expression) is a list of transactions stored on the internet.

The main difference with a simple list is that the latter although programmed by humans belong to no one. It's a difficult concept to understand for a new person that I will try to translate simply.

Blockchain alone, is useless. There must be users who "install" it on their computer. By installing the software (usually wallet type) he installs the entire blockchain on his computer and synchronizes with other users to receive the most up-to-date data. This creates a computer network sharing this information.

How can we be certain that the information that has been received is not falsified, contaminated by a virus or other? This is where the "miners" come in.

A minor is an individual (or a company) wishing to share his material resources (computers, graphics card, etc.) over the internet to check the transactions and keep the channel safe. I will not go into the technical details here because more complex than what this article wants.

The blockchain can come in many forms and have several uses. The most common and known is the exchange of financial data and cryptocurrency (bitcoin, ethereum the most known). Several banks are planning to move to this system to make the exchange of information more efficient and more efficient.

In short the blockchain is important as the internet was more than 20 years ago. Who could have thought that the internet would change our lives this way? Only the future will tell us how blockchain technology will influence our lives, but one thing is sure is that the influence will be present and great.

This is a broad topic and difficult to cover but I hope I could enlighten your lantern. If not ask your questions and I will be happy to answer them!