What is blockchain

1. The blockchain is a large database placed on the network, accessible to a huge number of users. By the users’ consent, all data are entered into the database. Once recorded, no data can be changed or deleted. This system allows for the safe storage of money and vital documents, the tracing of deals and operations, and the completion of financial transactions single-handedly with no middlemen involved.

2. Transparent Safe, Eternal Book, Next-gen Recorder… These are simply different names for the same system. The blockchain is a safe way to store data for deals, contracts, transactions — for everything that you may need to record and review. The data is not stored in just one location, it is distributed in a network of hundreds of PCs. Each user of this network can see newly-entered data. However, only the data host can change or delete the data.

3. Did you ever do puzzles as a kid? One piece interlocks with the other and eventually you create a complete picture. We can draw an analogy between this game and the blockchain’s (or a chain of blocks) working pattern. The block consists of data that we want to save; each new block connects to the preceding one by using complex mathematical algorithms, which then allows us to further interlock the algorithms until the end of time. It is not possible to delete or change any block. And therefore, each user of the network can see all the data stored in the blockchain. As if you were piecing together a puzzle online before a multi-million audience.