Is blockchain technology the new Internet?
Blockchain is an undeniable invention that stems from the mindset of a person or group of people nicknamed Satoshi Nakamoto. But blockchain is always expanding and the main question is what is blockchain?
Is blockchain technology the new Internet?
Blockchain technology allows the distribution of digital data but does not allow it to be copied. Blockchain has become the backbone of a new type of Internet. Originally for digital currency, bitcoin blockchain, and the tech community, blockchain has now found other uses.
In this guide, we are going to explain to you what blockchain technology is and what makes it unique. So, we hope you enjoy this article, and if you already know what blockchain is and want to become a blockchain developer, please see our comprehensive blockchain tutorial and build your first blockchain.
A blockchain, in its simplest definition, is a set of immutable records of time-stamped data managed by a computer cluster that does not belong to any entity. Each of these data blocks (abbreviated blocks) is secured and connected to each other using cryptographic principles (in the form of a chain).
What is so special about blockchain and why do we say that this technology has so many capabilities in the industry? The blockchain network has no central power. This is the basic definition of a democratic system. Since this technology is a common and unchangeable ledger, the information contained in it is visible to everyone. Therefore, everything built-in blockchain is inherently transparent, and everyone involved in a blockchain network is accountable for their performance.
Blockchain does not charge for transactions. (It costs infrastructure, but it does not charge for transactions). Blockchain is a simple yet innovative way to transfer information from node A to B in a completely automated and secure way. One side of the transaction starts by creating a block. This block is verified by thousands, perhaps millions of computers distributed across the network. The verified block is added to a chain that is stored across the network, creating not only a unique record but also a record with a unique history. Forging a single record means forging the entire chain among millions of blocks. This is practically impossible. Bitcoin uses this model for monetary transactions, but it can be implemented in many ways.
