What is Blockchain and how does it function? How do wallets, nodes and miners manage collectively a transaction journal that is unique, truthful, unchangeable and supported by the majority of the participants?
The current CoViD-19 pandemic and the global measures for containment imposes huge challenges. One challenge consists of efficient and reliable information gathering. How is it that Blockchain can help?
DLT, distributed ledger technology, is the term adopted by corporations that need a version of Blockchain that doesn’t include the decentralised consensus mechanism. As the latter is the essence of Blockchain, DLT’s are no Blockchains.
Bitcoin mining is nothing else than solving an extremely difficult equation. The solution to the equation LOCKS the inputs in the equation which is the numerical representation of the content of the Blockchain database.
The Blockchain consensus system requires that transactions are audited before inserting them in the database. A bookkeeping that has Blockchain transactions as input becomes a pre-audited triple entry bookkeeping!