What is Blockchain
A Decentralized Database or Ledger
The blockchain unlike servers are not in one location or a few concentrated locations rather every person who participates with the blockchain holds a copy of all the recorded events.
Why is it important
Since every user has identical records and each user checks everyone elses records. What this means is if 20 user records state X was sold but one users record says Y was sold that users record is rejected and it not added to the blockchain and X being sold gets added to all users copy of the blockchain file .
Types of Blockchain
- Public Blockchain means anyone can join the network, anyone can view the records, and anyone can participate in the modifying process
- A blockchain run by group or organization where someone controls who can modify the blockchain ala read and write privileges. Meaning only certain indivduals can view it and make changes
- A private blockchain but with multiple people or organizations which is more democratic. Insteaed of 1 decision maker for who can read or write all members have said privileges and they vote on when a record is added to the blockchain if a majority votes yes then record is added