Post by nelsonelias on Feb 20, 2024 3:22:33 GMT -8
Blockchain is a database system that stores and transmits information in blocks linked by encryption . At the same time, Blockchain can expand over time. In particular, these blocks are managed by system participants instead of through intermediaries. What is the operating structure of Blockchain? Let's find out with Mat Bao! What is Blockchain? Blockchain acts as a record of transactions Blockchain acts as a record of transactions Because of that, information cannot be changed once recorded in the Blockchain system, but can only be added when all participants agree. Recorded information includes all transactions, exchanges, events, etc. How does Blockchain work? Let's join Mat Bao to learn in detail about the process of Blockchain operation! What is Blockchain? It is to store information in blocks Blockchain stores information in blocks Why need Blockchain? Before diving into the technicalities, let's start with a simple life example.
Every day, we conduct transactions of buying, selling, exchanging... These transactions are guaranteed to be fair to both or more parties involved thanks to legal regulations. However, not all transactions require law. And it doesn't always work. If you and I make a bet on which team will win tomorrow when Vietnam faces Thailand, the loser will lose $100. Obviously, with daily transactions, it is difficult for legal regulations to Loan Phone Number List intervene. Besides, when a conflict occurs between participating parties, an intermediary will be needed to resolve it. In the example above, if one party loses but does not pay the winning party, you can hire a lawyer to sue them in court (intermediary). However, this action is impractical and wasteful and expensive. But if there is no intermediary, there will be no obligations and the participating parties can completely waive responsibility.
Blockchain solutions Blockchain technology is the solution to these limitations. By joining the system, both participants deposit a bet of $100. After the match ends, the results will be automatically updated and all money will be transferred to the winning side. As mentioned, you cannot change what is recorded on the Blockchain so its transparency is very high. Imagine this technology being applied to all transactions and exchanges in life, it would truly be a revolution. And this is also part of the reason why the cryptocurrency fever has become so popular around the world. A new currency like Vietnam Dong.
Every day, we conduct transactions of buying, selling, exchanging... These transactions are guaranteed to be fair to both or more parties involved thanks to legal regulations. However, not all transactions require law. And it doesn't always work. If you and I make a bet on which team will win tomorrow when Vietnam faces Thailand, the loser will lose $100. Obviously, with daily transactions, it is difficult for legal regulations to Loan Phone Number List intervene. Besides, when a conflict occurs between participating parties, an intermediary will be needed to resolve it. In the example above, if one party loses but does not pay the winning party, you can hire a lawyer to sue them in court (intermediary). However, this action is impractical and wasteful and expensive. But if there is no intermediary, there will be no obligations and the participating parties can completely waive responsibility.
Blockchain solutions Blockchain technology is the solution to these limitations. By joining the system, both participants deposit a bet of $100. After the match ends, the results will be automatically updated and all money will be transferred to the winning side. As mentioned, you cannot change what is recorded on the Blockchain so its transparency is very high. Imagine this technology being applied to all transactions and exchanges in life, it would truly be a revolution. And this is also part of the reason why the cryptocurrency fever has become so popular around the world. A new currency like Vietnam Dong.