My simple (with details) definition of #blockchain |A new & improved way of not only storing data and information, but also transferring it globally, securely, cheaply, immutably, and quickly without centralization|
DETAILS
-NEW: First blockchain (the Bitcoin blockchain) developed by Satoshi Nakamoto in 2008.
-IMPROVED: Blockchain is a better alternative than a lot of the traditional databases used today. The blockchain also has the potential to advance, and even replace, multiple industries.
-the difference between DATA and INFORMATION: "Data can be any character, text, word, number, and, if not put into context, means little or nothing to a human. However, information is data formatted in a manner that allows it to be utilized by human beings in some significant way. A good example would be a computer using formulas, programming scripts, or software applications to turn data into information." - Computer Hope
-STORE: Like traditional data bases and ledgers, the blockchain can store data and information.
-TRANSFER: the blockchain has the ability to transfer data and information
THE CHARACTERISTICS:
-GLOBAL: the blockchain operates on a global network of computers, i.e. nodes.
-DECENTRALIZED: therefore, there isn't a single person or entity in control of the blockchain.
-IMMUTABLE: it's called a blockchain for a reason. Each block holds an X amount of data and information, and can only be added onto the previous block (through mining). Previous blocks cannot be deleted or altered in any way. The blockchain is quite literally a chain of digital blocks.
-SECURE: because the blockchain runs on a peer-to-peer network, is decentralized, and immutable it is immensely impossible to hack.
-CHEAP: the blockchain is a cost effective way to store and transfer data and information because there is no central authority trying to make profit. The only fees that exist may be mining fees because it takes a high amount of computational power (needing energy) to mine the blockchain.
-QUICK: there are global computers running 24/7 around the world to support the blockchain. Data and information can migrate effortlessly from location to location. Again, the more a blockchain is used, the slower it becomes because of the limited block size and mining operation. Scalability is known to be the number one problem regarding the blockchain, but improvements are constantly being made.Visit my website to read more definitions and learn about the jargon of blockchain: http://www.tylerwetzel.com/…/understanding-the-jargon-of-t…/