What is Blockchain Technology?

It is a new unconventional, unclassical and decentralized type of database that provides an existing continuously increasing management of  .records, usually named as "masses" or "blocks"

Fortune magazine defined it as “a way to structure data and the foundation of cryptocurrencies like Bitcoin”. It consists of serial blocks of transactions that share a digital book through a network of computers without the need for a centralized authority. This makes many people define it in a simpler way as “a decentralized database with data that cannot be manipulated”.

A way to structure data and the foundation of cryptocurrencies like Bitcoin , It consists of serial blocks of transactions that share a digital book through a network of computers without the need for a centralized authority

What is Blockchain Technology?

It is a new unconventional, unclassical and decentralized type of database that provides an existing continuously increasing management of records, usually named as “masses” or “blocks”.

Fortune magazine defined it as “a way to structure data and the foundation of cryptocurrencies like Bitcoin”. It consists of serial blocks of transactions that share a digital book through a network of computers without the need for a centralized authority. This makes many people define it in a simpler way as “a decentralized database with data that cannot be manipulated”.

When did the idea of blockchain first appear?

Decentralization has always been an important topic in Economics and Institutional Management and researchers published the main types of decentralized networks in 1967 explaining the distributed systems authority, centralized systems and decentralized systems.

Since then, attempts began to create an intelligent decentralized database that is not subjected to human manipulations and that registers data accurately without being susceptible to amendments.

In 2008, a person or group of people going by the name of Satoshi Nakamoto introduced the bitcoin currency, which was the first real application of the theories which spoke about decentralization.

Sine then, it has been possible to benefit from this technology in creating more coded currencies which have now exceeded 1600 types, some which copied blockchain from bitcoin and others which used the same form of technology but with amendments.

Features of Blockchain Technology

1. 1.Safety

It is a completely safe method in the face of many widespread hackings such as the hacking of 50 million electronic Facebook accounts. Therefore, one of the main benefits of blockchain is safety and high reliability as data exchanged through blockchain is coded before it is sent or transferred from one place to another.

1. 2. Decentralization

Blockchain is characterized by its decentralization and its reliance on sale, purchasing and trading. It is a completely digital process which is visual by all and consists of transparent records which can be viewed by anyone.

1. 3. Speed and Effectiveness

Manual data entry is an extremely boring process and is exposed to error. However, by using blockchain technology, all information is stored and verified upon obtaining it. Speed is a clear feature of blockchain technology as for example, a simple process of purchasing shares may take up to a week to verify the validity of the process, whereas by using blockchain, there is no need for third-party verification as all the information required to complete the sale and purchasing process is included directly and the process can be performed directly instead of waiting for a whole week.