Blockchain explained

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Blockchain technology achieves decentralized security spreadsheets or databases.

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Blockchain Technology Simply Explained
A blockchain is a digital ledger or database where encrypted blocks of digital asset data are stored and chained together, forming a chronological single-source. A blockchain ledger consists of two types of records, individual transactions and blocks. The first block has a header and data that pertain to transactions. Blockchains start out life as a completely empty list, with no information at all. Then, the creators will create something called the Genesis.

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Or are there other uses? Nicholas Weaver, of the International Computer Science Institute at the University of California, Berkeley , examined blockchain's online security, and the energy efficiency of proof-of-work public blockchains, and in both cases found it grossly inadequate. Pros Improved accuracy by removing human involvement in verification Cost reductions by eliminating third-party verification Decentralization makes it harder to tamper with Transactions are secure, private, and efficient Transparent technology Provides a banking alternative and a way to secure personal information for citizens of countries with unstable or underdeveloped governments.

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