The thing about Blockchain – it may seem complicated. Indeed, it definitely can be. But what is a Blockchain in first place?
First of all, Blockchain is specific type of database. To understand it better we should define what is a database in general. A database is an organized collection of data that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information.
The difference between a typical database and Blockchain – the way data is structured. In Blockchain information is gathered in groups (a.k.a. blocks) that holds a set of information. Hence to say that blocks have certain storage capacities and once they are filled, they are chained into previous filled block, forming a chain of data.
Blockchain technology accounts for the issues of security and trust in several ways. First, new blocks are always stored linearly and chronologically. That is, they are always added to the “end” of the blockchain.
Second – usually blockchains store information in a decentralized structure which ensures that no single person or group has control over the data. That means that all users collectively retain control.
Third – all actions that are executed in blockchain network are cryptographically signed which enhances legal eligibility of the system.
Last – decentralized blockchains are immutable which means that the data is entered is irreversible. This also means that any data appended to the network is tamper-proof, transparent and non-repudiable.
According to Systems integrations, CEO Rišardas Bedulskis Blockchain has many good qualities: “In DLT world, they knew BlockChain before, but there were some issues for which they needed to seek for solutions. It needed to be more secure just in case the third parties would like to get the information. And nowadays, you can see the result, my data belongs to me, and your data stay at your place. “