Simple explanation of blockchain technology

[Starmix]

What s the simple explanation of blockchain technology? For those who do not have a clear idea about blockchain technology, here it is. Blockchain technology is a decentralized, digital ledger that records transactions across a network of computers. It has no single entity controls of data. Its digital ledger is record book that stores transactions. There is a group of computers connected to each other to have a network.

How it works? Data is exchanged between parties, network nodes validate the transaction, verified transaction is added to the ledger, each node updates its copy of the ledger, and transactions are linked together in a chain. In relation to benefits, transactions are secure and tampered-proof. All transactions are recorded publicly, and transactions cannot be altered or deleted.

 

[Suba]

Great thread, so I just need to add a little information. Blockchain technology is not only used for the crypto world but has been widely adopted in various fields of life, be it finance, health, voting, etc. There are several types of blockchain such as public blockchain, private blockchain, consortium and hybrid blockchain.

 

[Starmix]

Great thread, so I just need to add a little information. Blockchain technology is not only used for the crypto world but has been widely adopted in various fields of life, be it finance, health, voting, etc. There are several types of blockchain such as public blockchain, private blockchain, consortium and hybrid blockchain.

Wow, that's a great info that block chain technology is also used in many ways like finance, health, health and there might be others. I thought block chain is only applicable for cryptocurrency.

 

[Suba]

For fields other than crypto, special blockchains are often used so that not everyone can access them, such as in banking for fast money transfers, for data verification, etc.

 

[Starmix]

That's very impressive info. However there is a member here from India she said her bank account was hacked. How did it happen when it's protected by block chain?