Exploring Blockchains: Core ideas

2016-07-02 | Sergey Bushnyak

This note about Blockchains, the very hot topic connected to new era of financials. I got a lot of questions from friends and collegues about it. So I’ll point out core features of this technology and why it might be important part of society in future.

Blockchain is basically a software that installed on multitude of computers, which is called decetralized network, and produced special data in a form of transactions from 1 computer to another and grouped in a batch called block, this the name blockchain. This data stored immutably and should be the same between all computers, so additionally blockchain have features of distributed storage.

Core benefit of such distirbuted systems is that no one actually controls it and it’s operational because people support with computational power, Internet and electric connectivity. Support can be either from altruistic ideads or by means of getting a reward a special software entity when you provide computational power to verify transactions inside the network.

References

Encourage me

If you liked this work, you can reward so I can write more often or simply buy me a tea/beer/donut:

If you want me to write about some specific topic, check about section and send me email with request