Learn more about crypto with this collection
Understanding the basics of blockchain technology
The benefits and challenges of using blockchain
The future of blockchain technology
You need a few individuals who want to give up on banks or any third party. By mutual agreement, they have details of each other's accounts without knowing the identity of the other parties.
Everybody holds an empty folder with themselves to start with. As they progress, all these individuals will keep adding pages to their currently empty folders. And this collection of pages will form the register that tracks the transactions.
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Before the page is put away in the folder, it is sealed with a unique key that everyone in the network agrees upon so that no one can make changes. By sealing it with encryption, no one can make any changes to it. This sealing of the page is the crux of this method.
Blockchain can be viewe...
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In a transaction, one person tells everyone in the group that he wants to transfer money to another person. Everyone writes the transaction down, see that the person can indeed transfer the money and has enough balance.
With time, more people want to transfer money to others. Whenever anyon...
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The requirement of this method is that there must be enough people who would like not to depend on a third-party.
Only then this group can maintain the register of transactions on their own.
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In order to define Blockchain, it is better to explain what problem it solves.
In the current system, transfering funds involve a third party (a bank). All a bank does is register an entry. Neither you nor the recipient controls or owns the entry in the register.
Ther...
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