What is blockchain? | CryptoNewsHerald


Blockchain is an innovative technology that has revolutionized the way we interact, store and transfer data. It is a distributed ledger technology that uses cryptography to ensure that data is secure, immutable and resistant to tampering. With blockchain, data is stored in a distributed network, which makes it difficult for any one party to control or manipulate it. CryptoNewsHerald is a news outlet dedicated to covering the development and use of blockchain technology. Through our articles, we aim to provide our readers with up-to-date information about the latest advancements in blockchain technology and its applications. Our goal is to help our readers understand the potential of blockchain technology and how it can be used to improve our lives.


BaseDecentralizationTechnical Basics


BaseDecentralizationTechnical Basics


What is blockchain?

Attention! The article was published in 2015 and is waiting for updates.

Blockchain (from the English block chain, “chain of blocks”) is a distributed database that can be accessed by anyone. Otherwise, it is called “distributed registry technology”, since there is no centralized body or regulator that could manage the blockchain at its own discretion.


How is a blockchain different from a classic database?

The classic database is stored on dedicated servers that are controlled by the organization that owns the database. The blockchain is not controlled by any one person or organization, and its security is ensured precisely by its distributed architecture. If some of the computers on which the blockchain is stored are hacked, this will not affect the operation of the entire system in any way, which is unthinkable for a classic database.


How does blockchain work?

Theoretically, any data can be recorded in the blockchain – from monetary transactions to a complete collection of world literature. In order for the data to get into the blockchain, they must be verified, that is, they must be checked for authenticity. In the case of bitcoin and money transfers, this is done by so-called miners. After checking the transaction for validity, they record it in a block, after which it remains in the blockchain forever, and anyone can verify its authenticity. However, any such transaction must receive several confirmations from independent sources before it is considered valid.


Where is the blockchain stored?

Blockchain can be stored anywhere, and is stored everywhere. There are special nodes (nodes) of the network that store the full up-to-date version of the blockchain, while the rest of the nodes simply refer to them if they need to check something. You can download the full version of the blockchain from open sources, then it will be stored with you.


Why is there so much hype around blockchain?

Blockchain is often compared to the Internet due to its ability to change the world. Now people need to maintain a huge staff of lawyers, notaries, regulators, bankers and other bureaucrats in order to certify and confirm events, such as paying salaries or selling an apartment. Blockchain technology is able to do all their work completely automatically, thereby eliminating the very need for intermediaries.


Where is blockchain used now?

Blockchain technology is used in almost any cryptocurrency, ensuring its operation. Blockchain is also beginning to be actively implemented in banking systems, property rights registration systems and various government registries, supply chain management, and in areas such as digital identity, energy, voting, games, the Internet of things, etc.


What is the difference between a public blockchain and a private one?

The public blockchain is available to everyone, while the private one is available only to the elite. There can be so many different blockchains, some of which are public and others are private. So far, they cannot interact, since each blockchain can implement its own rules of operation, and the rules of one blockchain can directly contradict the rules of another.


How can multiple blockchains be made to interact?

To solve this problem, a variety of options are offered. The most popular of them is the so-called side chains (side chains, “side chains”) – special blockchains. The latter are needed solely to connect one blockchain to another, bypassing a possible contradiction between their rules.

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Blockchain technology is a revolutionary development that is transforming the way we store and share data. It is a secure and distributed ledger system that can be used to store and validate data, allowing for safe and secure transactions and interactions. Its potential for innovation and growth is immense, making it a technology to watch in the coming years. Blockchain technology is here to stay, and its impact on the future of data storage and transactions is sure to be profound.


What is blockchain?

Blockchain is a distributed ledger technology that records, stores, and manages digital transactions. It uses cryptography to secure and verify all transactions, providing users with an immutable record of all the data that has been exchanged.

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