Kakashi2020 Posted November 5, 2018 Share Posted November 5, 2018 Basically the Block Chain is a digital record book that records the location of every Bitcoin. It's updated real-time as new transactions are made. This record can be downloaded by anyone but can never be changed. Quote Link to comment https://slingbank.com/forums/topic/1589-do-you-really-understand-what-block-chain-technology-is/ Share on other sites More sharing options...
cks003 Posted November 6, 2018 Share Posted November 6, 2018 The blockchain technology requires nodes/miners to validate and add to the existing chain. All transactions will be checked and validated by the miners based on the previous chain. This requires a unanimous agreement from all miners in a network. The new record is then added to the existing chain. Thus, any unilateral attempt to change a chain will not be approved by other miners in the network, and the transaction will not be recognised. For doing all that, a miner is rewarded with a or fraction of virtual coin. That is the basic and short summary of blockchain technology. Quote Link to comment https://slingbank.com/forums/topic/1589-do-you-really-understand-what-block-chain-technology-is/#findComment-2503 Share on other sites More sharing options...
Martinsx Posted November 6, 2018 Share Posted November 6, 2018 If people can manipulate the blockchain technology, then all cryptocurrencies wouldn't be safe to hold. This is actually the case when Cryptocurrency are subject of constant hacks but now, it's very hard to hack any cryptocurrency blockchain. Quote Link to comment https://slingbank.com/forums/topic/1589-do-you-really-understand-what-block-chain-technology-is/#findComment-2512 Share on other sites More sharing options...
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