Blockchain Definition: Blockchain is a series of data sets (blocks) that are connected to form a chain. It is a decentralized and digital management system.
The blockchain is a digital database. It is distributed across different computers, so it is decentralized. It consists of a chain of blocks in which, among other things, information about data (transactions) is stored. Blockchain is, among other things, the technological basis for Bitcoin and other cryptocurrencies.
What is so special about blockchain?
A core aspect of the blockchain is its decentralization. Although this can vary in strength, all applications have one thing in common: the blockchain is not located on a single computer. In addition, cryptographic processes are used that ensure a high level of security.
Who then determines the rules in the blockchain?
The blockchain rules are written in the protocol. The participants use this set of rules as a guide and then check for themselves whether everything is going right.
Is the blockchain anonymous?
No. If the blockchain is public, anyone can see it. This means that everyone can check when transactions have taken place. However, it is pseudonymous – you can only check the addresses and some transaction data in the blockchain. So there are no usernames like in other databases.
What are the benefits of the blockchain?
The blockchain is suitable for many different areas of application. They include currencies, logistics, the energy sector, identity and many more.