What is Blockchain?

Blockchain is a type of distributed ledger for maintaining a tamperproof record of permanent transactions. It functions as a decentralized database in a peer-to-peer network. The computers in the network must verify the transactions by solving the hash or unique string of letters, and then the block is added to the blockchain. Each ensuing block in the ledger uses the previous block’s hash to calculate its own hash -- hence, the “chain.”

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#blockchain #transactions #database

[birnajonsd]

This is the best explanation I have found on how blockchain, hash and the blockchain security works. Thanks!

[iamcuriouswithai]

Thank you for the informative breakdown.

[littlsummr]

Are there cases where blockchain has proven to be not so secure in the end?

[ilehe]

really, this is one of the worst explanations I've heard. First you say a block creates a hatch which is an unique sequence of numbers and letters, then out of nowhere computers SOLVE these hatches??? solve an unique sequence of numbers?? right.. and then out of nowhere you got these multiple blocks which create a 'chain', ? how- ? wha-? what does that even meaaannn???