What is blockchain technology

What are the blocks? They are blocks of information that follow each other in a strictly defined order. Each block contains data about the previous block, about the next block and other information that we can record there (for example: who owns real estate, who voted for which candidate in an election, who has how much money in their account or who transferred how much to whom, etc.; any kind of  information is possible).

The fact is that blockchain is a technology for storing information.

The peculiarity of the technology is that copies of this blockchain are stored on thousands of blockchain servers (or computers) simultaneously.

This blockchain cannot be changed, that is, the information stored on the blocks of the blockchain cannot be changed.

If someone, for example, hacks and changes a block on one server. Other servers will not accept these changes, and the information in the blockchain will not change. Of course, thousands of servers cannot be hacked at the same time.

When a new block of information is created and written, this block is transmitted simultaneously to all servers in the network. The servers verify it according to certain types of criteria (they are defined in the blockchain) and then approve it. When the block is approved by 51% of the servers, the block is permanently added to the network.

So, what do we have:

1. In this technology, there is no single center that manages the data in this data warehouse. This is called "decentralization".
2. This storage technology is resistant to hacking and the unauthorized modification of information.

There are these two properties that have allowed blockchain technology to become widespread and the basis for the emergence of independent digital currency, now called "cryptocurrency”.

Creating a cryptocurrency is just one way to use blockchain. This technology can be used to store absolutely any information, whatsoever. However, it is the blockchain technology that ensures the reliability and security of cryptocurrencies.

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