What is blockchain?

1 min read

Blockchain was created to solve two main tasks: to make a safe storage of information and to conduct transactions without intermediaries.

This became possible due to the architecture of blockchain, which presents as a distributed, decentralized data bank, protected from hacking by cryptographic means. Decentralization (the absence of a single command center) of blockchain is ensured by the fact that it is stored on multiple computers all over the world simultaneously. Thus, the blockchain cannot be deleted or destroyed, because in order to do this, blockchain would have to be removed from each and every device in the world.

Every block that forms the chain stores not only information about any related transaction, but also keeps a link to the previous block. This system provides a clear structure and makes backdating impossible.

Blockchain is controlled by nodes, running by people from different cities or even countries. These nodes keep a copy of the whole network, that gives them rights to verify transactions, thus removing the problem of lack of trust between two parties. Each transaction is being sent to several nodes managed by different people, and each of these nodes should verify the operation, before it will be executed.

The use of the blockchain is almost unlimited: it can work as a reliable and secure database or as a management tool that allows you to monitor each stage of the production. It can also be used to make managerial decisions or to obtain the necessary approvals.

With all these benefits, blockchain is expected to produce a new technological revolution, comparable to the advent of the Internet.

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