Blockchain – what is it and where is it used?

Blockchain - in simple

Blockchain – in simple terms, is a clearly designed database in which the requirements of building chains of operations are met. It can contain not only information about financial transactions but also a system that can be used as a long-lasting archive for information about all transactions performed.

How blockchain works

The work of the blockchain system can be represented on the basis of a bank cell that is accessible to all users, i.e. everyone can see, but only those who have access to it, or the one to whom the cell owner has granted this access can use.

Structure and safety

The blockchain structure is based on interrelated transactions and reliability of information, while there is no possibility to withdraw any block of information because all the others change, this eliminates the possibility of hacking theft and fraud. Security is ensured by the rapid response of the entire system.

The blockchain technology allows information to move, but is not stored anywhere, this technique was used in operations with electronic currency, but later gained extensive distribution and is used by some banking structures to protect their operations.

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