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Blockchain is a technology that has been developed for the first time for cryptocurrencies.
Blockchain is a base without central storage, control, and management unit and was initially called the “Next Generation Internet.” Just like the Internet, blockchain is a networked database. However, in blockchain, it is not the servers but the network participants that store the database on their disks. This revolutionizes the way transactions are concluded, settled, and recorded. Blockchain technology is based on such values as security, privacy, trust, decentralization, and transparency.
Blockchains are used to transmit and store information about transactions that have been concluded on the Internet. These transactions occur in the form of consecutive data blocks.
One block contains information on a specific number of transactions. When it is saturated with information, a new data block is created, and then another and another one, making a kind of chain of blocks – hence the name Blockchain.
Each computer in the network can participate in the transmission and authentication of transactions without central management systems to verify them. The essence of blockchain is to maintain a shared and collective accounting book of transactions dispersed throughout the network. This book, although open to everyone, is fully protected against unauthorized access. The entire transaction history is public but accessible only within the access rights framework for a specific user. This means that you can check and verify the whole transaction history while protecting your privacy.
What is more, the blockchain is cryptographically protected. All entries made in the database are verified according to the adopted consensus mechanism, e.g., using processors’ power. The process of cryptographic network security using calculations made by many millions of processors worldwide makes the bitcoin network largely decentralized and resistant to attacks.
For more information about blockchain, see our blog posts.
June 28, 2022 - 4 min read
Blockchain-based smart contracts – what are they? Blockchain is a breakthrough technology that is constantly developing and discovering new solutions. One of them is smart contracts. For most people, the term isn’t completely clear. Let…Read more
June 23, 2022 - 7 min read
Blockchain technology, which first appeared in 2008 with the creation of the Bitcoin cryptocurrency, has recently been viewed as a disruptive technology that has the potential to transform the financial industry. By some people, at…Read more
June 13, 2022 - 5 min read
Technology has a big impact on our daily lives, even when we don’t consciously think about it as significant. Following the outbreak of the COVID-19 pandemic, many industries have survived and even developed thanks to…Read more
February 15, 2022 - 6 min read
As is well known, nowadays one of the most important pillars of a prospering brand is customer satisfaction and customer experience. In the era of digitization, companies in the design process of their websites, mobile…Read more
October 28, 2021 - 5 min read
The insurance companies have faced several challenges in the last 2 years, including the global pandemic, severe workload, a shortage of highly skilled people, continuously changing circumstances, and a global trend toward remote work. But…Read more
November 30, 2018 - 7 min read
Last week we took part in one of the biggest stationary hackathons in the world – HackYeah. We do like a challenge, and competing against almost two and a half thousand developers from Poland and…Read more
November 27, 2018 - 7 min read
Do good, better This summer during a meetup in New York our project manager and co-founder, Piotr Myszczyński met Kevin, head of North America business development at OST. During a casual conversation Piotr and Kevin…Read more
November 7, 2018 - 7 min read
Imagine you are trying to buy a house. You have all the assets needed for the transaction, the seller has all the proper documents. But you need a third party to clear the transaction and…Read more