Blockchain Architecture: Technical Brief
Just recently, on October 31, 2018, Bitcoin celebrated its first anniversary - the first cryptocurrency turned 10 years old. Now almost all modern people have heard about Bitcoin. But only few of them can clearly and concisely answer the question: what are cryptocurrencies, and moreover, what is blockchain? In this article we will try to describe in simple words, what blockchain is and how it works. Content: (please, click the topic to scroll down to it)
- The history of creation and a brief description of Blockchain
- Technical Brief
- Private and public blockchain
- Advantages and disadvantages of blockchain technology
- proof of intellectual property rights;
- Decentralization. Such network is almost impossible to be closed, because for this it is necessary to disconnect all its members from the network.
- Safety and reliability. Technical features of the technology exclude falsification, data fraud, and hacker attacks.
- Versatility. This technology is predicted a great future, because it can be used in various industries.
- Scaling issues.
- Irreversibility of operations. After the operation was recorded in blockchain, it is impossible to cancel it, even if it was done by mistake.