A very simple explanation of blockchain… (Episode 11)

Serialized Columns：From Zero: Cryptocurrency Trading：Episode 11

Blockchainis the ledger that records who sent how much Bitcoin to whom, and when.Transaction Ledger(database)

This transaction ledger is distributed and managed by the computers of people around the world who participate in the Bitcoin network, via “Bitcoin Core.”is a non-centralized currencypoint is.

In Japanese yen, it is issued/managed by the government, the Bank of Japan, or banks; in Rakuten Points, by Rakuten Ichiba. But Bitcoin is not issued/managed by a central organization, as you can understand.

Why blockchain? Because when adding a new record to existing records (blocks), you append them in a chain, one after another.

Bitcoin Cycle

Bitcoin is issued/managed as follows.

1: First, Bitcoin is mined and newly issued, then registered on the blockchain.

2: After that, every time Bitcoin is transferred and ownership changes, those records remain on the blockchain.

3: People around the world check for any fraud in transactions using dedicated software. This is mining.

4: Once checks are completed and a miner adds a block to the blockchain, that miner receives a reward in Bitcoin roughly every 10 minutes.

Also, the Bitcoin blockchain is open to and transparent for anyone in the world to view.

Although anyone can view it, please rest assured that it is impossible to identify who the Bitcoin owner is.

This is written with the assumption of briefly teaching someone who knows nothing about Bitcoin or blockchain.

If someone around you fits that description, please refer to this article.

The next video (in English) is designed to explain how blockchain works in 2 minutes.
If you don’t understand English!here is an image explanationyou can access.

BCCC: The Blockchain Promotion Association Established

On April 25, 2016, Blockchain Promotion Association (BCCC) was launched by 34 companies including InfoJapan, Microsoft Japan, Sakura Internet, Tech Bureau, and others.http://bccc.global/ja/



To promote blockchain technology, they will hold various events and seminars, exchange information on results of demonstration experiments, and support fundraising for related startups.

Additionally, in coordination with global blockchain organizations, they will share information domestically and disseminate the association’s technology, experience, and information worldwide.

As understanding deepens in Japan and technology advances, the existence value and tangible value of cryptocurrencies are sure to be enhanced!