Blockchain Technology is also addressed as
- The Next Stage of Internet
- The Trustless system of Values (wherein TRUST is injected by crptography, game theory and other technologies; rather than human being)
- Technology quite bigger and broader than Bitcon
A Blockchain is
- A Transparent, Cryptographically Trusted Dapp/dApp (Decentralized application) system used for management & exchange of Digital assets like Ownership title, Medical Datasets, CryptoCurrency without the need of any external human/other wise driven system for TRUST.
- A cryptographic database maintained by a network of computers, each of which stores a copy of the most up-to-date version of Ledger. It uses Blockchain Protocol for TRUST in Transaction and Ledger management.
A Blockchain protocol is a set of rules that dictate how the computers in the network, called nodes, should
- verify new transactions and
- add them to the database*.
The Blockchain protocol offers Consensus building mechanism by employing
- Game theory, and
to create incentives for the nodes to work toward securing the network instead of attacking it for personal gain.
- If the Blcokchain is set up correctly, this system can make it extremely difficult and expensive to add false transactions but relatively easy to verify valid ones.
- Blcokchain comes baked in with Data Provenance by offering
- immutable and
- cryptographically verifiable record of transactions
Why Blockchain Matters More Than You Think
|6 MINS VIDEO Explaining Why Blockchain Matters More Than You Think!||16 MINS VIDEO Explaining How Blockchain is Already Taking Over!|