What is Blockchain??
The blockchain is a secure transaction ledger “that is shared by all parties participating in an established, distributed network of computers. It records and stores every transaction that occurs in the network, essentially eliminating the need for ‘trusted’ third parties such as payment processors.
Blockchain proponents often describe the innovation as a ‘transfer of trust in a trustless world’ referring to the fact that the entities participating in a transaction are not necessarily known to each other yet they exchange value with surety and no third-party validation. For this reason, the blockchain is a potential game changer.
The elegance of the blockchain is that it obviates the need for a central authority to verify trust and the transfer of value. It transfers power and control from large entities to the many, enabling safe, fast, cheaper transactions despite the fact that we may not know the entities we are dealing with”.
…and what is Bitcoin?
“Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. However, many see the real worth of the cryptocurrency being the technology behind the coin. Called the blockchain — this is a public and transparent ledger of all bitcoin transactions.”
Block. Chain. Because of its distributed nature: each node of the network plays a role in verifying the information, sending them to the following in a chain composed by blocks.