GLOSSARY OF TERMS

What is Blockchain?

GLOSSARY OF TERMS

What is Blockchain? GLOSSARY OF TERMS

Blockchain is a distributed ledger technology in which data about each transaction is stored in an immutable chain.

Information is located in a transparent decentralized network (unlike a traditional ledger), so even if one or more computers involved in the chain fail for some reason, the data will not be lost.

 

Blockchains allow you to send valuable data anywhere in the world. To work with them, each user must have a cryptographic key – a unique digital code. The key gives the owner access to the blocks that he “owns”, and with its help the buyer and seller of the asset confirm the transaction. For example, if you give your key to someone, then along with it you can transfer the amount stored in the blockchain section.

 

It is impossible to influence the blockchain without the appropriate keys. This feature of the technology contributes to the creation of trusting relationships and improves the identity verification system (preventing fraud).

Blockchain can be divided into two main types:

  • The public blockchain is often used in the field of cryptocurrencies and is an open database that is regularly updated and supplemented: any market participant can view the transaction history, study data and create a smart contract. It is rarely used by companies that constantly deal with confidential information.
  • A private blockchain restricts access to data stored in the registry; all network participants must have the appropriate permission. Only the parties involved can access transactions.

Blockchain is one of the most promising technologies in the world that can be applied in many areas. For example, to verify each client, modern banks have to spend extra time and perform a number of actions every day. Blockchain will speed up the process of collecting and processing information: if all data is entered into a distributed database, well protected from hacking, then many stages can be abandoned.

Also, the blockchain can simplify the task of the system for managing personal data of users. Thus, the use of new technologies would allow to reduce the KYC / AML (identification of the person / anti-money laundering) processes to a fast automated check.

What is Blockchain?
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