What is Blockchain? - Marvin Germo

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What is Blockchain?

By: Marvin Germo | March 20, 2021

Now that we’ve talked about cryptocurrencies and NFTs, it’s worth sharing how the market actually came up with these investments. Who would imagine that there will be digital monies? The crypto market is so hot right now that it is enticing more new investors to buy Bitcoins, ETH, and ADA. As an investor, you ought to know what’s behind your investment. Things such as how they are made, who is behind them, and so on. By knowing all of these things, you can better assess if your investment is worth it and what are their weaknesses.

What I’m sharing with you in this blog is blockchain or the technology that keeps the records of Bitcoin. Let’s get started!

What is Blockchain?

A blockchain is actually a kind of database that stores the information collected electronically. It’s a system that is designed to store large information and when someone tries to filter, access, or manipulate such information, it can be easily and quickly done. Some people compare a database to some sort of storage like a spreadsheet. The difference lies in the capability of such a system to store information. A database or ta blockchain can store millions of information without crashing while a spreadsheet is limited in nature and more often than not, it can only store a small amount of collected information.

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How does Blockchain work?

Blockchain is behind every Bitcoin transaction that you make. When a new Bitcoin transaction is entered, the activity is transferred to a network of peer-to-peer computers that are all over the world. The transaction is processed through the network by solving equations that will confirm the validity of the transaction. When confirmed, the transaction is then clustered into blocks. Those blocks are connected together to form a history of transaction which is permanent in nature. After that, the transaction is complete. As you can see, blockchain is not that complicated if you know how it works. This is what validates your Bitcoin transactions.

Decentralized Blockchain Network

Bitcoin uses a decentralized blockchain network. This means that the network used by Bitcoin is not all under one roof. Their locations are scattered around the world and each is uniquely managed by a single individual or group of individuals. Bitcoin is also transparent by allowing an individual to view all the transactions using a personal node or a blockchain explorer. Each node has a copy of the transactions you make. So, whenever you want to trace the history of Bitcoin transactions you have, you can freely do so.

Is Blockchain safe?

Bitcoin’s blockchain is safe and secured. New blocks are stored chronologically, which is usually added to the end of the blockchain. You will also see or hear the word “height.” This is how you can tell how long is the blockchain already. To date, Bitcoin’s block has hit 656, 197 blocks already. When the block is added to the end of the blockchain, it’s hard to go back or change what has been recorded already. That’s how secure blockchain is.

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