BLOCKCHAIN? It's nothing more than a shared Database..!! (A big one!!)
Nothing more than a Shared Database (A big one!!)
BLOCKCHAIN is best described as nothing more than a Shared Database with Cryptography verifying all entries.
If Bank A wants to make a transaction with Bank B they make an entry on the BLOCKCHAIN.
This BLOCKCHAIN is also known as a Distributed Ledger.
This Distributed Ledger is simply a shared Database and everyone on the BLOCKCHAIN must verify the entry proposed by Bank A and Bank B.
If everyone on the BLOCKCHAIN agrees to the transaction the transaction is then added to the BLOCKCHAIN and the updated BLOCKCHAIN is shared to everyone ready for a new transaction to be made, verified, added and shared.
The process repeats with the BLOCKCHAIN increasing with every new transaction.
I hope this is of use. Please feel free to share.
Thanks
Stephen
This article is more in the buzzword category than what the word blockchain is actually and originally supposed to mean. It's tailored towards banks and leaves out the most important concept: a value asset that drives the incentive structure of the blockchain maintenance, i.e. a coin that they can't control.
The Bitcoin blockchain is mankind's 1st immutable database. It cannot be changed.
End the Debate: Blockchain vs. Bitcoin
https://steemit.com/bitcoin/@michaelmatthews/end-the-debate-blockchain-vs-bitcoin
Totally agree. BLOCKCHAIN cannot be hacked, manipulated, rigged, controlled or altered. That is why it is going to cause such a big problem at first. Effectively it sucks out all the fraud. Exciting time in the OTC DERIVATIVES market..!! Cheers. Stephen