What is a blockchain?
The blockchain is the technology used for storage and tracking of any data from financial transactions to medical documents and data from computer games.

Let's sort out the reasons why it is possible to call a blockchain revolutionary technology in the interconnection area between people.

The first reason: Way of storage and tracking of data. The blockchain stores information in blocks which join each other chronologically, forming a continuous chain, from here and the name. The user cannot change data in a chain. Therefore if you want to update information which is stored in a certain block you do not rewrite it, instead, changes necessary for you are located in the new block. It is similar to the principle of the work of the registration book. Such a way allows monitoring changes throughout time. But, unlike the book or the database which is stored in one specific system, the blockchain is decentralized and is distributed on all computers in a network. It reduces the probability of a forgery of data to a minimum.

The second reason: Consensus, or trust to data. Before the new block joins a chain, there have to be several things:

1) Creation of the block. For this purpose, it is necessary to calculate its cryptographic signature.

2) The computer which solved a problem sends the answer to other computers to networks. This principle is called the proof of execution of work.

3) The network should confirm work execution. If all clauses are implemented, the block is added to a chain. The sum of all these factors guarantees that information in blocks is reliable and can be trusted.

The third reason: Absence of intermediaries. Now, when conducting a business activity with someone, we rely on the third party, such as a bank or the lawyer to show data on the business or finance and to save this information confidential.

The third party supports trust between the parties. Such an approach reduces risk and vulnerability but requires more time. The blockchain allows making operations directly. As we already know, all blocks in a chain are reliable and cannot be forged therefore the interacting parties can just show each other the necessary information which is stored in a blockchain. It will save time and money, removing the need for the intermediary.

At the same time, the blockchain can be implemented in different ways for different purposes. The set of all these features allows knowing that this technology is revolutionary and gives the mass of opportunities which can simplify and diversify interaction between people.

Visit other posts:
Record group limited, Samoa
Primary payments provider: Crypto Trading Services OÜ, Mustamäe linnaosa, Laki tn 30, 12915, Harju maakond, Tallinn, Estonia