Is blockchain an existing machine or an idea that can be allpied?

[teminalibug 309]

We always talk about bitcoin been a technology, but i never thought of this that i did not real know what is blockchain.

This is what i know so far;

• Blockchain was used to create the first digital currency with cryptographic tech (Bitcoin)
• It can be used to make smart contrasts.
• And it can be used to more than that,. more than in just cryptocurrency.

Here is what i dint know;

• Is it like an existing open choice tech that can be used to make those certain of things like cryptocurrency or it is an idea?

Tell me what you know about what i don't know.

[kyoukage01 3181]

If I go by its description, that is, blockchain being an open ledger that is stored on and can be accessed by multiple computers (https://en.wikipedia.org/wiki/Blockchain) then the idea behind it is not new. For an example of a tech that exists before Bitcoins and blockchain, the closest recent computer innovation that I can think of at the moment is the technology behind Bittorrent, which similarly uses data stored in multiple computers and can be downloaded by other devices via a software that makes use of said technology.

 

Edited March 15, 2020 by kyoukage01

[CryptoMaxim 3829]

18 hours ago, Loyalroyal said:

Blockchain technology is essentially simply a brand new thanks to keep agreements. the large distinction between blockchain technology and ancient existing strategies is that the blockchain agreement isn't centrally maintained by one authority.

You're right. This is a significant fact that the technology does not depend on a single user. Over time, I think this system will be implemented in various areas.

[BTC Future 3946]

The best feature of the blockchain, is the transparency it offers. Everything is permanently recorded and can't ever be changed. Governments are keen in implementing blockchains in their national financial and industrial sectors as it is proven that they reduce costs and corruption and help create better governance.

[SuperCrypto 7193]

Blockchain can store various types of data, such as: cryptocurrency transaction details, land registry contents, insurance records, health history, vehicle accident history, title changes, etc. It can also act as a platform for other applications.

 

 

[Abiaan 1209]

Blockchain is the technology which works on block of algorithm of programs while making transaction it goes through alot of verification and calculations which create a gateway from blocks to blocks

[teminalibug 309]

On 3/16/2020 at 12:04 AM, Loly said:

From a technical point of view, blockchain is a complex technology, but on the other hand it is easy to understand how it works and realize its strength and advantages. It has proven its strength by holding on for so long as a new and innovative technology.

We can be happy that it is too complex for hackers ti hack, is that is true, but that does nit answer my question i it is an idea before implementation or an actual thing.

[Babubu609 0]

On 3/15/2020 at 3:13 PM, Loly said:

Blockchain technology, although its impact has affected various sectors, but its impact on the banking sector is significant and has made central banks re-change and change their perception of this technology.

Bitcoin is effective to some  sectors due to it impact to banking sectors with central bank recharge which changes their perception it technology

[teminalibug 309]

4 hours ago, Qazi said:

Blockchain is original growing list of records according to Wikipedia that are are linked using cryptography. Each block contains epigraphy hash of the previous block so answer of your question is blockchain protocol can exist the previous choice TET by using cryptography

I get the meaning of blockchain ,  but what i'm asking is if it is a real thing or an Idea, like are these records alreday in the blockchain before you apply that blockchain to create a coin?

[iloveyobit 6599]

Personally, I think that the blockchain can be used in real life by using it or applying it in modern technological tools and machines, but of course the blockchain is not concrete in the end.

[bentayebsalah 2280]

Blockchain is considered a new technology, technology, or platform on which decentralized currencies can be installed in order to record transactions without the ability to amend or cancel them, such as bitcoin currency operating with this technology

[magd 5231]

Blockchain is an idea and not just words that will disappear because it is similar to the principle of the paper currency portfolio that you take with you wherever you go. Blockchain enables you to save your encrypted currencies safely, which is one of the first sites to
I collaborated with the crypto.I expect you to contribute later to the creation of multiple cryptocurrency exchanges in addition to some discount features for Blockchain wallet holders

[Rezort 846]

Blockchain is actually much more than just technology that connected with bitcoin and allow companies to create smart contracts, but also there are a lot of ways to use it that we just don't know yet.

[Jeet Narayan 1940]

Actually everyone knows what is Bitcoin but as you say no one is taking about blockchain but gradually many peoples are taking about blockchain as well as many companies and governments also working in blockchain technology.

[pablomarwan 3082]

Blockchain technology is a very advanced technology that states that it possesses valuable and coded data and was used in several things, such as creating digital currencies, which now depends on this technology has good advantages

[Captain Karim 0]

I think Blockchain is a decentralized network in which a node works to confirm transactions within the network and the developers program the instructions that serve and protect the network's work.

[kadayakito 765]

The blockchain is complex and it is a useful system that helps users, it is safe and secure and handles everything faster, it also stores a lot of data. It is not only being used in a single area it is being used more.

[Jessica Karren 1242]

Blockchain was an idea but now it has become a technology which works by an immutable time stamped series record of data that is distributed and managed by cluster of computers. It is used for bitcoin and other cryptocurrencies and now found use cases in several industries including finance or health. So that's why this technology has so much importance.

[Ayush Singh 1175]

Blockchain is a technology which keeps all the transactions data of the digital assets and this technology has also made the digital activities more effective as it reduces the risk and also helps in avoiding the fraudulent acts. 

[NevermindNe 549]

Blockchain is an idea that can be used in many different ways, and it is supported by hundreds of different computers that support it so that it does not stop sending and receiving bitcoins.

[Dark_Sky 8489]

On 3/16/2020 at 4:11 PM, Tomas2020 said:

We might simply say that blockchain is data that is stored and preserved through a decentralized network of computers. It can radically change the current world that we know by redefining how we handle information and how we transfer values.

I agree. 

So let's share information based on what's real or what's legit about it. 

Don't share false news because it can lead to misunderstanding about block chain. 

[Zues 1069]

On 4/6/2020 at 9:51 AM, Rosaline149 said:

Blockchain by the name it is the combination of two words "Block" and "Chain". Cryptocurrency is transactions should be confirmed by the each block which is in the form of chain and after the several blocks verification, your transactions will be reflected. This the mechanism of the Blockchain technology. 

I think that blockchain is a technology now because it is a technology that have many uses and not only in cryptocurrencies but I think that it is versatile because it can function in so many ways and that makes blockchains great. 

[George10 9932]

Blockchain technology in my opinion is the true definition of the existence of cryptocurrency because without this then there was not going to be any cryptocurrency out there.

[Treat1234 0]

Blockchain might serve as a medium of creation, where different data can be input sagely without any authority to have access to it. Blockchain has been the people choice and they are seriously seeing it's potential

 

Edited May 6, 2020 by Treat1234

[Laboni 755]

Blockchain has a lot of roles to play in improving the crypto market. Blockchain can be applied to any existing machine or any concept but I think you have to use your skills to work with the machine. Only then can we easily get the right idea.