Hello everyone, I am Sookie from BlockWarming, welcome to anotherepisode of ...
#UnqualifiedSookieExplains whatthe heck is blockchain?
In short, blockchain is a system! A system for transactionservices, not just money, it is a system built for exchanging any form ofdigitalised goods! Article on “What are the applications of blockchain?” comingup next week!
And what make this system so attractive? It is because it isadecentralisedsystem. What does that mean? It means that there is nocentre authority in charge of this system, meaning this system does not permitany form of corruption from the faulty use of power, because there is noconcentration of power to begin with!
For more visualisation, imagine that the society is asystem, and the government is the centre authority in resource allocation, andnow imagine that blockchain is a system and there is no government governingthe allocation of resources in this system. Or another example would be thebanking system. The banking system would be a system for transaction ofmonetary values, and the bank would be the centre authority in managing thesetransactions. In these systems, every activity made have to go through theapproval of the government or the bank which is the centre authority. But inthe blockchain system, there is none!
So, how does blockchain work? You can check out my previouspost！ *linkAnd more details on how blockchain function will be up soon!
It was Sookie from BlockWarmingspeaking, for the Chinese version of my post, you can interchange the languageon the top right button on the webpage. Remember to stay tuned for my future posts~ bye!
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