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What is Blockchain?

Blockchain is a decentralized system that is very good at safely keeping records of anything. Once a blockchain system is deployed, no one owns it and no one can manipulate it. It is owned by everyone participating in the blockchain network. It is accurate, reliable, and secure. One day, a person named Satoshi Nakamoto decided to create a digital currency using this technology. He created the first cryptocurrency that is now called Bitcoin.

How does Blockchain work?

Imagine 5 people separately keeping a record of transactions that are happening. And from time to time they compare their records of the transactions to make sure that there was no mistake in their records. All separate records should match to confirm the validity of a transaction. This is similar to how blockchain works. It is composed of thousands or even millions of record-keeping machines. And these machines will compare results with each other. This system requires a huge amount of computing power to operate. So they outsource the computer power to the public. The public can participate in the blockchain by lending the computing power of their devices and in return will get a reward. Lending your computer power to a blockchain used in cryptocurrency is now called “Crypto Mining”.

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