Blockchain and cryptocurrencies have revolutionized the way we view and understand digital transactions and their security. Even though both have received a lot of attention from the public, there are still many people who do not fully understand the concept and function of blockchain, especially in the world of cryptocurrency.
After learning about What is Crypto currency in the previous post, in this article, we will understand the meaning of blockchain in crypto in depth, starting from the basic definition to its benefits and drawbacks.
What is Blockchain?
Blockchain Definition
Understanding Blockchain is basically a digital ledger that records every transaction in the form of blocks.
Each block created has a link to the previous block, creating a continuous chain. What is unique about blockchain is the way it is stored.
Unlike conventional databases which are stored on one central server, data on blockchain is stored in a network of computers spread across the world.
This makes the blockchain highly resistant to manipulation or hacking attempts.
Understanding Blockchain According to Experts
Marc Andreessen, a highly respected technology innovator and investor, gave his views on blockchain by saying that it is “a record of digital transactions sequenced in time order and copied to a number of computers around the world”.
From this definition, we can understand that one of the main advantages of blockchain is its decentralized nature.
This decentralized system ensures that no one entity or organization has complete control over the entire network, making it more secure and transparent.
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