What is blockchain? How does blockchain technology work and where is it used?
What is blockchain? How does blockchain work, and where can this technology be used?
Hello everyone! You're on iSpace.news, a brand-new media portal about finance. Today we'll explain what blockchain is, how it relates to cryptocurrencies, and where else it can be used.
0:08 What is blockchain?
Blockchain literally translates as "chain of blocks." Simply put, a blockchain is a series of records of an event (for example, a money transfer from you to your friend) and its characteristics. These records (or blocks) are duplicated on every computer in the system, each belonging to different users and linked to one another. This linking is ensured by the principles of cryptography.
Remember, in our previous video about Bitcoin: • Что такое биткоин? Как работает биткоин пр... , where we used the example of Musk's rocket launch codes? There, we explained that the technology behind Bitcoin allows each network participant to store information about all completed transactions. Access to any block containing information about changes in the network is the core essence and value of blockchain.
1:03 How does blockchain work?
Sending occurs.
The transaction is confirmed.
The transaction is recorded in the block.
The block receives its unique number.
It is from this point that the information becomes publicly available. If you look at the Bitcoin blockchain, you'll see that you have access to data about any transaction, as well as information about when, where, and by whom the block was added to the blockchain.
2:17 Why is blockchain called a breakthrough in the information age?
3:25 Is blockchain only about cryptocurrencies?
3:51 Where else can blockchain be used?
4:42 Examples of blockchain use cases: banking, healthcare, real estate, the sharing economy, crowdfunding, supply chain auditing.
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