Post
Topic
Board Development & Technical Discussion
Re: What is the blockchain technology?
by
BitzonBen
on 26/10/2017, 05:04:48 UTC
I believe I have a decent understanding of how Bitcoin works, but sometimes when I read news I stumble upon "the blockchain technology" - blockchain for banks, blockchain for medical records, blockchain for real estate and so on. From my understanding, most of them are private blockchains (correct me if I'm wrong), but when I tried to find some info on how those private blockchains work, I didn't get much. So, I have some questions:

1. How do they work? How blocks are organized?  Are there any miners? Are they at least slightly more decentralized than traditional solutions?

2. Why blockchain? Does it solve any problems? Is this more efficient than traditional solutions? Are there any benefits for customers?


Blockchain works for Bitcoin and other Cryptos simply because it is a secure and irrefutable way to record data. In Bitcoins case, it's the recording of p2p transactions right? So, when it comes to the future of "blockchain technology", entrepreneurs and alike are trying to figure out what other data can be stored on a blockchain, because it is secure and irrefutable.

So naturally, the sensitive and often scattered health records come to mind. Also, I have heard ideas of the government replacing physical SS cards and blockchain could be a great replacement. Everyone would have their own "Blockchain SS!" Isn't that awesome?