Blockchain- A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network. Crypto-Currency- A digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Bitcoin (BTC) - A cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Bitcoins are limited. The total amount of bitcoins that can ever exist is 21 million. source: chartaddictsfx.com
If you have been following banking, investing, or cryptocurrency over the last ten years, you may be familiar with "blockchain," the record-keeping technology behind the Bitcoin network. And there's a good chance that it only makes so much sense. In trying to learn more about blockchain, you've probably encountered a definition like this: "blockchain is a distributed, decentralized, public ledge." Blocks store information about transactions like the date, time and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for illustrative purchases; Amazon retail does not work on a blockchain principle as of this writing). Blocks store information about who is participating in transactions. A block for your splurge purchase from Amazon would record your name along with Amazon.com, Inc. Insted of using your actual name, your purchase is recorded without any identifying information using a unique "digital signature," sort of like a username. Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code called a "hash" that allows us to tell it apart from every other blcok. Hashes are cryptographic codes created by special algorithems. Let's say you made your splurge purchse on Amazon, but while it's in transit, you decide you just can't resist and need a second one. Even though the details of your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes. source: investopedia.com
Blockchain's greatest characteristic stems from the fact that its transaction ledger for public addresses is open to viewing. In financial systems and businesses, this adds an unprecedented layer of accountability, holding each sector of the business responsible to act with integrity towards the company's growth, its community and customers. Due to its decentralized nature, Blockchain removes the need for middlemen in many processes for fields such as payments and real estate. In comparison to traditional financial services, blockchain facilitates faster transactions by allowing P2P cross-border transfers with a digital currency. Property management processes are made more efficient with a unified system of ownership records, and smart contracts that would automate tenant-landlord agreements. Blockchain is far more secure than other record keeping systems because each new transaction is encrypted and linked to the previous transaction. Blockchain, as the name suggests, is formed by a network of computers coming together to confirm a 'block', this block is then added to a ledge, which forms a 'chain'. Blockchain is formed by a complicated string of mathematical numbers and is impossible to be altered once formed. This immutable and incorruptible nature of blockchain makes is safe from falsified information and hacks. It's decentralized nature also gives it a unique quality of being 'trustless' - meaning that parties do not need trust to transact safely. source: forbes.com
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