Blockchain is a continuous sequential chain of blocks containing information built according to certain rules. The relationship between the blocks is provided not only by the numbering, but also by the fact that each block has its own hash sum and the hash sum of the previous block.


Bitcoin for beginners Piet Mondriaan
Blockchain is a database with transactions, consisting of a sequentially built chain of digital blocks, each of which stores information about the previous and next blocks. This is a kind of digital notebook, in which the entries are unchanged due to the hashing mechanism - a unique set of alphabetic and numeric characters, where a change in one character entails a change in other blocks.

Put simply, blockchain is a huge number of tables made electronically and combined into a single database. The technology is affordable due to its advantages and ease of use.


The information stored in a block is the same across the network, so the blockchain cannot be managed by a single authority or have a common point of failure. Since the introduction of the technology in 2008, there have been no significant failures in the system. Almost all the problems that arise are related to hacking of sites or insufficient control of the private keys by the cryptonet user.

Simply put, the causes of blockchain application problems are human errors. An example to follow is the global Internet, which has been around for more than 30 years and has proven its effectiveness.


The potential of blockchain technology is hard to overestimate, and its main advantage is a well-thought-out structure. The blockchain is based on a table that has hundreds of thousands or even millions of clones on the network. A distributed network is built taking into account the constant updating of information and its protection against external influences. The information is regularly reviewed and is under the control of the community. The technology has a number of advantages. The database is not stored on a server, but is located in several places at the same time. This ensures that records are kept public and can be easily reviewed by any user. Source:

Blockchain technology is not inferior to the Internet and in many ways ahead of it. Distributed ledger capabilities provide maximum accuracy of accounting and user identification. With the help of the blockchain, the legitimacy of transactions is ensured by creating records on millions of PCs.