What is blockchain? How does it work? What is its applications?

What is blockchain?

  • Decentralization — no single party has control over what information goes in
  • Consensus — many different parties store exact copies of the same ledger, so the majority has to agree on the information being added
  • ‘Add-only’, meaning you can’t edit what’s already there, you can only add information
  • New information can’t conflict with what’s already been added
  • Information is able to be accessed and replicated by everybody on the network

Blockchain security

  • Data on transactions
  • The block’s hash
  • The hash of the previous block

So why is all this important?

Banking and payments

Governments

Healthcare

Supply chain

Insurance

Conclusion

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Lê Tùng

Lê Tùng

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