Blockchain – shared, single source of truth. Blockchain technology made decentralized consensus possible and also solved Byzantine Generals problem.
So, what blockchain exactly is? The blockchain is massively replicated database of all transactions in the network. If your application needs some feature that requires everyone else to agree on something – the blockchain just made for you. The blockchain is an immutable record that every node has a copy of.
BBC made a nice video explanation on what Bitcoin and Blockchain is. Just check it out bellow.
So, why blockchain is so stable and secure? The answer is – decentralized network. It means that Decentralized Application can’t be shut down, because there is no servers to take down. Data in blockchain is decentralized across all of it’s nodes – if one fails, the others are able tun the network.
The good example of blockchain network you can see on image below, it’s marked as Distributed Ledgers:
Stay tuned to get more…