The meaning of blockchain technology

Nucleus.Vision achieves to provide services through its real-time sensor and blockchain technology. Today we are going to understand the meaning of blockchain technology. In fact, right now, nearly every technology revolves around the blockchain technology. It is, therefore, important to understand the meaning of blockchain technology and how it works. The blockchain is not new to the internet. It has been there, but it has evolved and improved.
What is blockchain?
Blockchain has allowed distribution of information and disabled copying of the information. It has created the backbone of a new type of internet. Originally, it was created for Bitcoin, but currently, the tech community has found out other potential uses for it.
A car driver only has to understand how to drive. He doesn’t have to know how the car engine works. Yes, blockchain is just like a car. You don’t have to know how it works to use it. However, it is important to have some basic knowledge about a technology that is revolutionizing the world.
It is a distributed database
A blockchain is like a spreadsheet that is duplicated thousands of times on the internet. The spreadsheet is regularly updated. Information on a blockchain is shared. It is also continually reconciled. The database is not stored in any single location. This means that the records kept on a blockchain are public and easy to verify. There is no centralized version of the information for any hacker to corrupt. The information is hosted by millions of computers simultaneously, and the data can be accessed by anyone on the internet.
The robustness and durability of a blockchain
Just like the internet, the blockchain technology has built-in robustness. It stores a block of information that is identical to its network. This means that the blockchain cannot be controlled by a single entity and it cannot have a single point of failure.
Since bitcoin blockchain was invented, it has operated without any disruption. Any faults that have happened to the bitcoin blockchain is due to bad intention and human error and not flaws in the underlying concepts.
Incorruptible and transparent
The blockchain network lives in a state of consensus. It checks on itself every ten minutes. The network reconciles every transaction that happens in 10-minute intervals. Block is a name used to refer to each group of the transactions. This makes the blockchain to be transparent in that data is embedded within the network as a whole, and this makes it public. The blockchain cannot be corrupted by altering any unit of information on the blockchain. For someone to alter or corrupt the blockchain, he will need a huge amount of computing power to override the entire network, and this is not possible.

Finance offers the strongest use cases for blockchain technology currently. The blockchain removes all the middlemen for transactions, and that is why many online giants are adopting it. Everyone in any place in the world with access to the internet can now perform transactions without interference from third parties such as banks, governments, and private institutions.

Official Website : https://nucleus.vision/
Bitcointalk Announcement: https://bitcointalk.org/index.php?topic=2455575
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1606242