The Blockchain
*Bitcoin Education
The Blockchain
The Internet is about information, this is about sending value i.e Money, Contracts, Votes, Mortgages, etc., across the world instantly. It is just like sending an email but with no banks taking a percentage of your transaction.
Without the Blockchain, Cryptocurrency would not be possible. Without it, this invention would be pointless. It would just be a digital token. These are the mechanics that make it more secure than any Bank. The Blockchain is the serious part of this and one of the most important cogs in the wheel of this system. So it is essential you understand how this works.
The Blockchain is a public ledger that will record and verify every transaction. Just like a Banking ledger that records plus and minuses in a book, this does the same with a recorded digital transfer of ownership that gets recorded into the network. So any computer in the network has a recorded document of the digital transfer that took place.
Most Blockchains follow the Bitcoin protocol and every 10 minutes the Blockchain (Ledger) is updated by each computer in the system for the data or transactions will be verified accordingly.
Then each computer in the network will have a copy of that verified time-stamped transactions. Each Block contains a piece of the last block’s data attached forming a chain of the transactions or the data that was entered.
When every single computer has a copy of that Block, you know 100% that the transfer has been recorded and the receiver will have their money, contract, loan, school results, and votes.
You cannot lie, cheat or manipulate the Blockchain in anyway. Once the transaction has been verified it is irreversible.
A book starts at page 1, page 2, page 3, etc., etc. so the Blockchain is like a story in a book, and every block of data is then tied to each other one block after another.
This is run on a consensus-based verification where the network has to verify the transaction giving 100% trust and validation.
THE BLOCKCHAIN = ONE TRUE SOURCE OF INFORMATION.
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