What is meant by the term Blockchain?
A blockchain is a public list that represents all transactions of a cryptocurrency in chronological order. All confirmed bookings are stored and can be tested in this way.
Double issues and transactions of non-own coins can be prevented. This public blockchain can be used by anyone and is the basis for the crypto network.
Each individual block of this chain has a cryptographically secure hash of the previous block, transaction data and a timestamp. The chain can be used in many types of accounting systems, irrespective of what records are kept.
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Transactions always build on previous transactions and are confirmed to be correct as soon as they can show the previous trades. If multiple blockchains are accepted, only the longest chain will be used to continue.
The security of the blockchain
Cryptography ensures the integrity of the chain and the chronological order of all transactions. The independence of each block makes it very safe.
Tampering is impossible, because when trying to change or delete a specific part of the blockchain, the entire subsequent chain has to be changed or deleted. Furthermore, a new block is created at intervals of 10 minutes, which also serves as a safety precaution.
Due to this complexity, manipulation can be specifically prevented and the users protected. The blockchain is public and stores all confirmed and completed transactions.
Transparency of transactions in the network
These very high levels of transparency allow all transactions in this network to be publicly monitored. Different users agree that the transaction is accurate and genuinely authorized by the owner of the coins. These individual transactions then depend on the blockchain.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.
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