What is Blockchain ? Blockchain Explained | Blockchain Tutorial | Blockchain Developer
Welcome to our YouTube channel crypto richest my name is Robert most of us are familiar with the concept of cryptocurrency and how it made a significant change to modern-day Banking and finances but have you ever wondered how it can do it well the answer is in the form of blockchain technology so without any further Ado let’s into the video to find out more about blockchain technology what is blockchain a blockchain is a public transaction Ledger that is quite similar to that of any bank or other financial institution but what makes blockchain Stand Out is that it does not allow any alterations to happen to that record making it the most transparent and secure way of doing transactions to put it in much simpler terms blockchain will store the transaction details in the form of a block any further transaction is again stored in the form of a block and is linked to the previous one this is how the blockchain is connected across all the computer networks and enables the users to do their transactions how does blockchain work we have already established how blocks are formed and are stored in the blockchain public Ledger but what makes it more secure than any other mode of payment for example if we want to send money to anyone we have to go through a bank or write a check in favor of the person no matter the means an external Authority scrutinizes our payments and allows us to make them in a way we are using a middleman to make our payments but with blockchain technology we can cut out the middle man and pay the person we want to directly we have also established that blockchain is much safer than conventional payment methods but what makes it so well the answer again lies in how it stores the transaction history usually any Bank or other banking institution will store their payment histories in a server that is highly susceptible to illegal activities like hacking and cyber theft but with blockchain the chance for This is highly reduced because when The Ledger is stored in the form of a block it will be digitally signed by the owner of the payment and it will be made a part of the established Network now no amount of hacking can alter the transaction as it is replicated among the entire network this ensures maximum security to its users and also provides transparency in the movement of currency why is blockchain so successful well there are many reasons why blockchain technology and more importantly cryptocurrency are such a huge success but the most important one is the decentralized system it functions with a decentralized system is when there is no regulatory authority to process your transaction as mentioned before when we make payments using fiat currency we depend on banks to make that payment on our behalf the chances for our payment to fail are higher with the involvement of banks or other regulatory authorities due to various reasons from an overloaded server to reaching the maximum transaction limit the reasons can be many but with blockchain technology these issues become void when there is no involvement of a middleman the problems that come with that are also nullified this made blockchain technology a revolution in the financial ecosystem the next big driving factor for blockchain is its level of security there are close to none when it comes to the number of times a crypto transaction is hacked or altered this helped to build trust among its users and worked in favor of blockchain Technology from the dawn of Global Financial networking nothing has sent ripples as strong as cryptocurrency all thanks to blockchain technology some concerning debates are happening across the globe regarding this technology and its implications rightfully so but all those things aside blockchain technology is one of its kind and a Pioneer in more ways than one that’s it for today guys thank you for watching don’t forget to subscribe to our Channel crypto richest
What Is Blockchain And How Does It Work?
Most of us are familiar with the concept of cryptocurrency and how it made a significant change to modern-day banking and finances.
But have you ever wondered how it can do it?
Well, the answer is in the form of Blockchain technology.
So, without any further ado let’s dive into the video to find out more about blockchain technology.
What is blockchain?
A blockchain is a public transaction ledge that is quite similar to that of any bank or other financial institution.
But what makes Blockchain stand out is that it does not allow any alterations to happen to that record, making it the most transparent and secure way of doing transactions.
To put it in much simpler terms, Blockchain will store the transaction details in the form of a block.
Any further transaction is again stored in the form of a block and is linked to the previous one.
This is how the Blockchain is connected across all the computer networks and enables the users to do their transactions.
Why Blockchain is so successful?
Now, there are many reasons why Blockchain technology and more importantly Cryptocurrency are such a huge success.
But the most important one is the decentralized system it is functioning with.
A decentralized system is when there is no regulatory authority to process your transaction.
Your Queries:
what is blockchain
what is blockchain technology
blockchain explained
blockchain technology
blockchain tutorial
what is cryptocurrency
smart contracts
blockchain basics
crypto documentary
#blockchain #blockchaintechnology #blockchaineducation