An Overview of Blockchain

Blockchain is a database that allows multiple computers to access it at the same time. By adding additional blocks and data to it, this database continuously grows and expands. The data sets or unregistered information that are recorded in the Blockchain database and system are referred to as blocks.

It might be said that no other technology is currently aiming to dominate the global market in the same way as Blockchain technology is. You may not have seen it and believe that this phrase is one of the many in the realm of technology with which you are unfamiliar. However, a major portion of the world’s financial weight will fall on the shoulders of Blockchain in the coming years, or, to put it another way, in the near future. Across a short period of time, you will see the benefits of Blockchain in a variety of areas, including medicine, finance, communications, education, and the food business. But, exactly, what is this significant and unusual phenomenon? What are the advantages and how does it work?

In layman’s terms, what is Blockchain?

Blockchain is a database that allows multiple computers to access it at the same time. By adding additional blocks and data to it, this database continuously grows and expands. The data sets or unregistered information that are recorded in the Blockchain database and system are referred to as blocks.

Each block in the network has a fixed registration time, and each block is linked to the one before it or the data sets before it. As a result, the blocks form a chain when joined together. The task or duty of managing these blocks and data is taken on by no organization or individual. Whoever is in this set, however, will have a copy of all network data.

Old blocks will remain in the network indefinitely, while new blocks will be added to the system and will not be able to be removed after they have been registered in the Blockchain network. As a result, manipulating existing data in this network through fake documents is impossible, and all information and transactions carried out in it will be permanently recorded in the system; in other words, no one will be able to remove data or cancel the data registration process once it has begun.

Encryption of data on the Blockchain

All of the data in Blockchain is encrypted in a specific way. Everyone can see anything on the network, but only the user with the unique network encryption key can add new data. No one can interfere with this user’s transactions as long as he is the only one who knows about the mentioned key. Blockchain is a decentralized and secure network with a transparent operation.

Blockchain’s Growth and Performance in the Cryptocurrency Field

In 2008, “Satoshi Nakamoto,” an individual or a group, used the Blockchain technology as an infrastructure to apply digital currency. Bitcoin was the first digital money to be created specifically for peer-to-peer transactions. Transactions and exchanges carried out using Blockchain technology and involving Bitcoin as a digital currency are extremely secure, and no foundation or institution will be able to control them. In fact, transactions on the Blockchain architecture eliminate the need for middlemen in many transactions.

The use of Blockchain technology isn’t restricted to cryptocurrencies. This system can be used in a variety of situations. Using a Blockchain network to follow factory items in the value chain, for example, is one of the most impressive Blockchain applications. The route of each product may be followed using this network from the time it is made until it reaches the end buyer. These are just a few of the Blockchain uses available. Medical sciences, education, and communications all benefit from this unique technology.

Written by Pooyan Ghamari

Founder of Counos Platform

Other projects;

Counos Exchange

Xbit Project

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