What do we know about the blockchain technology?

Hi Steemians,

Today, I would like to focus on the blockchain technology and bring new people to basic knowledge about this important topic. As most of us know that blockchain is one of the biggest inventions at all. Some say that even bigger than the internet. So lucky to us that we can be part of something which will change the whole system of digital data and so on.

BLOCKCHAIN DEFINITION *
A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

Firstly, I would like to introduce you to short movie about basic knowledge of blockchain adoption (IBM):

Secondly, I would like to show the main thing which is based and which uses blockchain technology- crypto currencies.

CRYPTOCURRENCY DEFINITION**
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger.

Let me recommend you a move about basic knowledge about the cryptocurrencies:

What is interesting, that cryptocurrency is only one of many projects based on blockchain technology. Many companies are working on usage of blockchain. It is not only in cryptocurrency. We can see that it is happening in many fields :

• medicine
• finance
• public administration
• banking
• government

Taking all into account,
I would like to show some interesting featues of blockchain technology ( + and -):

advantages:

• decentralization
• safety
• evidence- everything is public
• transparency
• anonimity
• independence

disadvantages:

• high energy cost
• long confirmation time - but the technology is evolving and for example, many cryptocurrencies are offering many more transactions/ 1 sec
• low efficiency

Blockchain has as everything its own advantages and disadvantages. In my opinion it is amazing technology with uncountable possibilities. It is untouchable by world financial crysis, wars, politics (mostly), banks, government (mostly). It will work as long as long any ocmputer will be connected to the internet.

Your thoughts are welcome

grreenn

*https://en.wikipedia.org/wiki/Blockchain
**https://en.wikipedia.org/wiki/Cryptocurrency