What is Blockchain Technology? How Bitcoin application blockchain?

Blockchain technology is slowly changing the shipping, banking, grocery and legal industries .. so what is Blockchain and why Bitcoin (the most popular digital currency) is always mentioned in public. Blockchain technology?
Let's find out together!

What is Blockchain?

Blockchain is a technology that stores and transmits information by blocks that are interconnected and expand over time, and are therefore referred to as blockchains. Each block contains information about initialization time and is associated with previous blocks. Blockchain is designed to resist data changes. The information in the blockchain can not be changed and only be added with the consent of all the nodes in the system. Even if part of the blockchain system collapses, other computers and nodes will continue to work to protect the information.

In particular, blockchain is capable of transmitting data without requiring intermediaries to confirm the information. The blockchain system consists of multiple independent nodes capable of authenticating information without requiring a "sign of trust". Basically blockchain is a sequence of computers that all have to approve a transaction before it can be validated and recorded. Just like sending a box, everyone confirms the box is yours, not a lawyer or a bank.

In summary: For clarity, please explain this briefly. "Blockchain is a data logging technology, block chain is like a notebook that data can not be edited anymore, every computer Participants in the blockchain network have a copy of this book are identical, the new data want to write to the chain block must be the consensus of all these computers (decentralized). Spurious data is written to the block chain.

For example: Now you want to register the invention rights, for example, you just up it on the blockchain that no one edit or delete it. Blockchain will be the proof that you are the first person to own this copyright.

Or companies using Blockchain for their books will no longer have to worry about someone fixing their books for public money fraud.



















How Bitcoin application blockchain?

Bitcoin is the first Crypto to use blockchain technology in the financial sector. Bitcoin's Blockchain records all transactions, can not be repaired, can not be cheated, so everyone sees absolute trust so Bitcoin automatically gets workers a currency.

Basically no one can intervene in Bitcoin's operation once its network has started operating, even its programmers, without even any government decision. All changes must be agreed by the community. The transaction costs are very fast and cheap because transactions are very simple between computer and computer, no human being in the intermediary stage such as traditional trading.
Useful to you What is Bitcoin? Is Bitcoin virtual currency? Should invest in Bitcoin?
What is Bitconnect? Bitconnect has no scam & how to invest for safety?
There are thousands of crypto in the market after the bitcoin

Block chain has many other applications in the future, such as recording election results, for example, this technology will eliminate the problem of fraud in the election results ....

Application in the financial sector to create coin is just a blockchain application. Currently, the types of coin using blockchain technology are called cryptocurrency. It's completely different. Electronic money (e-coin) is money like onecoin, octacoin, or money in games for example. These currencies are completely under the control of the issuing unit, the community has no rights at all.

It is therefore worthless when compared to cryptocurrency. And these e-coin is the true virtual currency. Cryptocurrency is not a virtual currency, if you fully understand the technology presented above, you will agree on this.

So with this article Jade hopes you helped you understand what Blockchain technology is? How Bitcoin uses Blockchain technology? Also you have clearly distinguished Cryptocurrency (econometric or econometric) & e-coin.