Understanding Blockchain and What Problems Does It Solve

Hacker Noon May 26, 2019
Romi Kumar

What is Blockchain? This question comes up first when people hear about this new technology. The founder, Satoshi Nakamoto, is not even a real person but a pseudonym or maybe a group of people. This raises even more questions and makes it also a bit mysterious.

Blockchain allows digital information to be distributed but not copied, over the internet. In this case, it uses Bitcoin, a form of digital money, to be transferred over the online web. A Blockchain uses blocks of data which are called a chain.

Blocks

These blocks are part of a distributed network of computers. The data is secured by cryptographic principles and are related to each other. When data is added to a block, a...