What is Blockchain? Blockchain is a digital transaction record based on its structure, in which individual records, called blocks, are linked together in a list, called chains. Blockchain is used to record transactions made with cryptocurrency, such as Bitcoin, Etherium and Vexanium. Blockchain is an intelligent discovery of the idea of a person or group of people known by a pseudonym, Satoshi Nakamoto. And since then, it’s evolved into something bigger, and the main question everyone asks is: What is Blockchain?
Definition of Blockchain
Blockchain such as Vexanium is a database system that has identical data characters stored in many places (called nodes or miners), is immutable (cannot be edited, cannot be deleted), append only (can only be added), one block is connected with blocks before and cryptographically afterward. This character causes cost to do fraud to be very high when compared to conventional databases.
Blockchain is in the simplest terms a series of data records that are managed by a group of computers that are not owned by one entity. Each of these data blocks (ie blocks) is secured and bound to one another using the cryptographic principle and hence this term is referred to as the blockchain. So, what is special about this technology and why there are opinions that say that the blockchain has the potential to disrupt the industry ?
The blockchain network has no central authority – this is the main definition of a democratization system. Because these are ledger notes that are shared and do not change, the information in them is open to anyone and everyone to see. Therefore, anything built on the blockchain is basically transparent and everyone involved is responsible for their actions.
Explanation of the Blockchain
Vexanium blockchain has no transaction fees. (Infrastructure costs do !, but there are no transaction fees.) Blockchain is a simple but clever way to convey information from A to B in a completely automated and secure way. One party in a transaction starts the process by making a block. This block is verified by thousands, maybe millions of computers distributed on the internet. Verified blocks are added to the chain, which is distributed in a special network, then creates not only unique records, but unique records with unique history.
For example train service. We buy tickets through the application or the web. Credit card companies make deductions to process transactions. Now with the blockchain, train operators can not only save costs when processing credit cards, but can also move the entire ticket sales process into the blockchain. The two parties to the transaction are the railroad and passenger companies. The ticket is a block, which will be added to the ticket blockchain. Just as monetary transactions on blockchain are unique records, some can be verified, and cannot be verified (such as Bitcoin), so can your ticket. By coincidence, the ticket blockchain is also a record of all transactions for, say, certain train routes, or even the entire train network, which consists of every ticket ever sold, every trip ever taken.