1. What Is Blockchain?

With the euphoric end of year 2017 for the Bitcoin, everyone has heard at least once about Bitcoin and the Blockchain. Indeed, the Blockchain is the revolutionary technology that Bitcoin relies on to work.

Before you buy Bitcoin, you need to understand what Bitcoin is and that includes discovering Blockchain technology.

To put it simply, nothing beats getting back to basics.

Blockchain is a technology for storing and transmitting information without any control body.

From a technical point of view, Blockchain is a distributed database in which the information transmitted by users is verified and grouped at regular time intervals into blocks.

These blocks are linked and secured through the use of cryptography forming a chain of blocks: the famous Blockchain.

The latter can, therefore, be seen as a distributed and secure record of all transactions made since the start of the distributed system.

For many, the Blockchain is the greatest revolution since the arrival of the Internet. It must be said that this technology makes it possible to do what the Internet has never been able to do.

While the Internet has allowed information to be exchanged in a decentralized way, we have not been able to do without platforms that act as trusted third parties when we wanted to send money over the Internet, for example.

The Blockchain solves an important problem by eliminating the need for an intermediary when making online payments.

Let’s take the example of a payment between two individuals via the Internet in the context of a sale.

Currently, one solution could be to use a platform such as PayPal, which will act as a trusted third party to certify to the seller that the buyer has paid the amount.

By the way, the platform will take a commission for its role as a trusted third party. With the Blockchain, it is the network’s computers that will check if both people are reliable in order to validate their transactions.

Blockchain will certify the entire process based on the contribution of the network computers.

Bitcoin is the first successful implementation of a cryptocurrency based on Blockchain technology.