Why was the blockchain created?

Carrying out any type of transaction without going through an intermediary? This is possible thanks to the blockchain.

Conceptualized in 2008 by Satoshi Nakamoto, the first blockchain was implemented in 2009 as the main component of bitcoin. Its primary use was therefore to exchange bitcoins between people.

Virtually anything of value can be tracked and exchanged on a blockchain network, reducing risk and cost for all parties involved.

la blockchain

What is blockchain technology?

A blockchain is a chain of blocks. It is the organ listing all the transactions carried out. This register is a transparent, secure database without a central control body in which transactions are secured thanks to data encryption. In this system, all participants have access to transactions, without knowing who is carrying them out.

Thus, the data is shared in real time on a peer-to-peer network and stored cryptographically which means that no one can alter the data there.

There are different blockchains.

This anonymized public database allows the immutable recording of data managed by a group of computers. Thus, a block corresponds to a transaction.

Blockchain examples: Ethereum, Litecoin, XRP, Eos, Tron, Monero, Solana, Stellar, Neo and Dogecoin, Chia…

What are the different blockchains?​

There are four main types of blockchain networks:

public blockchains,
private blockchains,
consortium blockchains,
hybrid blockchains.

cryptomonnaie blockchain bitcoin

Where is blockchain used?

There are 3 uses of blockchain which are :

– Transfer of assets
– Better traceability of assets and products
– Automatic execution of contracts

Thus, the fields of application of blockchain are varied: banking, insurance or logistics.

How does blockchain work?

Le fonctionnement de la blockchain;
Photo credit : CoinJournal