What is blockchain & how does it work?

Blockchain, as it’s moniker suggests, is blocks of data linked into an uneditable, digital chain. This information is stored in an open-source decentralized environment, in which each block’s information is confirmable by every participating computer.

What makes a good blockchain system?

What you’ve actually got is a system which is very robust. If one database fails, one copy fails, you’ve got that important redundancy across multiple nodes. Third, the essence of blockchain is a chain of blocks of information together. When you have those blocks chained together, you’re creating a perfect audit history.

Is blockchain a disruptive technology?

The promise of same-day, seamless, low-cost, cross-border payments—instantaneous payments using blockchain—is one that truly is disruptive. To be fair to the industry, the major players have looked at this technology, but there’s always going to be a bit of a defensive play.

What is an example of a blockchain network?

For example, the bitcoin network and Ethereum network are both based on blockchain. The criminal enterprise Silk Road, which operated on Tor, utilized cryptocurrency for payments, some of which the US federal government has seized through research on the blockchain and forfeiture.