First of all, I would like to say hi! to the steemit community, and I would like to introduce my first article!
The blockchain is a technology of storage and transmission of information. It is transparent, secure, and functioning without a central control body.
By extension, a blockchain is a database that contains the history of all the exchanges made between its users since its creation. This database is secure and distributed: it is shared by its different users, without intermediaries, which allows everyone to check the validity of the chain.
Block schema
There are public blockchains, open to all, and private blockchains, whose access and use are limited to a certain number of actors.
A public blockchain can therefore be likened to a large public accounting book, anonymous and unfalsifiable. As the mathematician Jean-Paul Delahaye writes, one must imagine "a very large notebook, which everyone can read freely and freely, on which everyone can write, but which is impossible to erase and indestructible.
History of Blockchain
The first blockchain appeared in 2008 with the bitcoin digital currency, developed by a stranger appearing under the pseudonym Satoshi Nakamoto. It is the underlying architecture.
How does it work?
Any public blockchain necessarily works with a currency or a token programmable. Bitcoin is an example of a programmable currency.
Transactions between network users are grouped into blocks. Each block is validated by the nodes of the network called the "minors", according to techniques that depend on the type of blockchain. In the bitcoin blockchain this technique is called "Proof-of-Work", proof of work, and consists in solving algorithmic problems.
Once the block is validated, it is time stamped and added to the block chain. The transaction is then visible to the receiver as well as the entire network.
Blockchain Operation
This process takes some time depending on the blockchain we are talking about (about ten minutes for bitcoin, 15 seconds for Ethereum).
The Potential of the Blockchain
The decentralized character of the blockchain, coupled with its security and transparency, promises much broader applications than the monetary domain.
We can classify the use of the blockchain in three categories:
Applications for the transfer of assets (monetary use, but not only: securities, votes, shares, bonds ...)
Blockchain applications as a registry: it ensures better traceability of products and assets.
Smart contracts: These are stand-alone programs that automatically execute the terms and conditions of a contract, without requiring human intervention once started.
The fields of exploitation are immense: banks, insurance, health and pharmaceutical industry, supply chain of many sectors (agribusiness, luxury, international trade, distribution, wines, aeronautics, automobile ...), music industry, energy, real estate, vote... In general, blockchains could replace most of the centralized "trusted third parties" (banking trades, notaries, land registry, etc.) by distributed computer systems.
Yet the powers that be want a centralized blockchain
Hi @kose and Everyone,
Our team, @EOS9CAT came with a very short explanation and hope it would be helpful for everyone here.
The blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It features decentralization, immutability, security, and openness, comparing to traditional distributed systems. the most symbolic adaptation of blockchain technology is cryptocurrency (bitcoin, ripple and various coins) and decentralized applications (Ethereum, EOS and etc).
If you need any other questions, please feel free to send us an email at [email protected] or visit our website