What is blockchain? How does it work in practice? A simplified Explanation
Hello Friends,
My today's article is for those who are new to the crypto world and are yet confused-what blockchain is and how it works? Here is an article I found on the web that explained it in a very simple way.
What is Blockchain?
Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly, removing the need for a third party. It uses cryptography to keep exchanges secure and provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.
How does it work in practice?
In the case of Bitcoin, blockchain stores the details of every transaction of the digital currency, and the technology stops the same Bitcoin being spent more than once. for a simple explanation check the image below.
Why is it so revolutionary?
The technology can work for almost every type of transaction involving value, including money, goods, and property. Its potential uses are almost limitless: from collecting taxes to enabling migrants to send money back to family in countries where banking is difficult.
Blockchain could also help to reduce fraud because every transaction would be recorded and distributed on a public ledger for anyone to see.
Hope you liked it. Do share comment and upvote.
Source
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Megalosaurus original content rule violations:
[C C-I C-RM P S O]I think you copy paste too the same lines to every person you feel same for. So isn't that a plaigiarism?
You clearly need to educate yourself on Steemit rules, plagiarism and copyright.
Please read this information carefully:
Even though your point is invalid, I will still answer: Indeed many of my comments contain the same information since they all address the same issue many users are struggling with. From my experience, it is not enough to link to the same information because people are not going to read it. For instance, you have ignored many cheetah warnings in the past. People need to feel addressed directly and personally.
In your case, however, you still seem to struggle to understand my comment. Let me summarize:
Plagiarism and copy/pasting is violating the Steemit community rules, and you will get flagged for doing it.
If you continue to post copy/pasted content, I will report you to steemcleaners again, I will flag you, and expose your behavior to other users.
Flagged for plagiarism. @steemflagrewards
https://www.weforum.org/agenda/2016/06/blockchain-explained-simply/
I guess cheetah is already there and steem cleaners as well. I hope you can understand what I mean. Also, I mentioned that this article was found on the web. That clearly states it all. Anyways thanx for your concern.
@alok1 kyu bhai aajkl cheetah piche lga rhe ho
Hehe. Inko shaunk h
Hi, i just joined steemit. And i dont understand how it works. Pls is there a mobile app for steemit?
No there is no such mobile app
however to understand steemit better you can ping me personally on facebook @ https://www.facebook.com/rajat.jains
!cheetah ban
Accounts has been caught multiple times with plagiarism. Refused to stop