Steemit Crypto Academy Contest/ S1W3 - Blockchain through the concepts by @suzybest

Hello great people of this community, i am very happy today to join in this wonderful contest again for this week. On this note, i will be explaining in details concerning the term related to blockchain below.

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

First and famous, i will be trowing more light on what Blockchain is all about. As we all know, Blockchain is a distributed database which is shared among the nodes of a computer network. I want you to have an understanding that Blockchain stores information electronically in the form of digital format. The role inwhich blockchain play in cryptocurrency system is very crucial, and this may include Bitcoin, this help in securing and decentralized record of transactions. Note this guarantees friendliness and equally create safety of a record of data, which help in boosting trust without waiting for third party's trust.

The way data is being structured shows the difference between a blockchain and a typical database.

Here, blockchain is known for collecting data in groups, which is known as blocks, which is responsible for holding sets of information. I want to broaden your understanding about certain storage capacities which block has, especially when it is filled and closed then linked to it former filled block, which helps in chaining data called blockchain. At this point, the new block is being compiled into a newly formed block and this is always added to the chain when it is filled.

However, tables are used when it comes to the structuring of database while blockchain always structure its data into blocks (chunks) which are very strong together. Note, when this is implemented into decentralized network, it does not make returns of timeline data. Therefore, when a block is filled, it is always set in stone and also becomes one of the timeline. Note, whenever a block is added to the chain, it is always given an exact time stamp

Note that a blockchain is the core foundation for immutable ledgers, or you can call it records of transactions which can never be manipulated, deleted or destroyed. This is the reason / goal why blockchakn information can only be recorded but does not allowed it to be edited. This is the reason why it is known as a distributed ledger technology (DLT).

Decentralized finance (DeFi)

DeFi means decentralized finance, which is an umbrella term for a various applications including projects in the public blockchain space which is for distributing the traditional finance.

You should have an idea that DeFi is referred to financial applications which is built on the blockchain technologies and it uses smart contracts. This are enforceable deeds which do not make use of middle men before transaction can be done. Anyone can have assess to the application when he has internet connection.

Some DeFi applications today are built using the Ethereum network, but currently we have alternative powerful networks too which are coming and there are build with supper speed, scalability, security and at very low cost. His applications operates on peer-to-peer protocols which are developed on decentralized blockchain networks and does not have access for easy lending, borrowing, or trading of the financial instruments.

An example of decentralized application is the Steem blockchain.

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Why do you think it is important in the blockchain?

The reason why decentralized application is important in the blockchain is because decentralized app (dapp) operates on blockchain which is equally known as peer-to-peer of computer. This system enables users of the platform to engage in direct transactions with one another. This makes user not to rely on a single authority (centralized exchange).

Peer-to-peer Network

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What you should know here is that, in a decentralized blackchain network, there is no trust on anyone since the person is not known by you. Each user equally has exact data in form of distributed ledger.

It also reduces downtime, this is because dApps are more robust and flexible when compared to centralized applications because they are not connected to a single authority.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

On my perspective the existence of blockchain can not be possible because blockchain technology usually makes use of decentralized networks. Only the blockchain its self can never be categorized simply as being decentralized or not. Therefore, decentralized applications should be applied to all the aspect of a blockchain application.

However, below are the alternative measures in the absence of decentralized applications

• Centralized databases: Scalability has become one of the highest concern when talking about traditional blockchain.

• cloud storage

• Centralized ledgers

• Distributed databases and others distributed ledger technology

Do you think it is possible to improve this term in some way? Explain us how

It is very possible to improve the centralized application as this will help crypto currency in a boom or increased. Today, many investors are looking for solution which will allowed their crypto-exchang project.

Conclusion

The way data is being structured shows the difference between a blockchain and a typical database.

What you should know here is that, in a decentralized blackchain network, there is no trust on anyone since the person is not known by you. Each user equally has exact data in form of distributed ledger.

DeFi means decentralized finance, which is an unbrella term for a various applications including projects in the public blockchain space which is for distributing the traditional finance.

Thank you .