An introduction to Blockchain

This should be beginning of a series; an introduction to an interesting concept.

The basic one - what is Blockchain?

The street describes Blockchain as an innovate concept – something which could be described as the underlying technology of the crypto currency bitcoin. 

To go into details - Blockchain therefore is the major result of the technological innovation of Bitcoin, as it carries like a book or like accounts - let`s use similar terms from accountancy - all transactions on the network. To go further into details: One ‘block’ is simply said one part of a blockchain which carries the record of one or more closed transaction. Does that mean that a “block” or “that” chain can carry all information? All information to close a transaction from A-Z? A transaction closed without the need of an intermediary involved? Indeed an interesting point, or better say topic.  

A blockchain can carry countless number of blocks, which are ordered in a particular chain. The storage is based on the principle of a proper linear and chronological way of storage. To link up the blocks, they each carry the hack of the previous block; so therefore the entire system is called Blockchain.

Could that principle or better say new concept change our world? Remember what we thought about FAX and Email “years” ago …? Do you remember?

Welcome the exchange any thoughts on that "new edge" - may it turn into a fruitful discussion, which I highly welcome.

BG

Rodja

Disclaimer: Content stated above is upon my own knowledge and purely my own opinion