What Is Blockchain?

Blockchain is a public distributed ledger, which constitutes a sequential chain of generated transaction blocks built according to certain rules. At the same time, each subsequent block of the structure contains information about the previous block, so on the whole, the chain stores the entire history of completed transactions.

One of the key elements of the Blockchain functioning is a network of interconnected hardware-software complexes (HSCs), where each HSC contains a memory and processor. An example of such HSCs can be: a personal computer, smartphone, dedicated server, tablet computer and other types of devices.

The memory of each device contains the data of the Blockchain, which is synchronized with other network devices. In such a case, the failure of one of the devices will not lead to the loss of records on property rights to Assets and information on Bitbon owners and transactions. The unification of processes of collecting, consolidating and storing data is achieved by applying an open standards system.

Blockchain

* Hash is a fixed-length number that is mapped to data of arbitrary length in such a way that the probability of the appearance of different data with the same hash would tend to zero, and it would be hard to recover the data on their hash.

Within the Bitbon System, all information on Bitbon issuing, its transfer from one owner to another, splitting of nominal value and other operations with Bitbon is recorded in the Blockchain. In this case, information on nominal value, on User identifiers, on transaction history, on accounts and other data cannot be deleted or modified.

The Bitbon System on the basis of Blockchain has the following main advantages:

  • Automatic recording of all operations;
  • High efficiency and security of information storage;
  • Applied open standards system for collecting and storing data;
  • Free access to data reading by the Bitbon System Participants;
  • Reliability of the storage of information on property rights to Assets through the storage of data of Bitbon owners;
  • Universality of data transfer interfaces;
  • Guaranteed restoration of access to the property rights to Assets designated in Bitbons or Projectbons, in case the property rights are lost by the Bitbon System Participant.
Thus, Blockchain is an integral part of the Bitbon System — one of the most progressive and reliable systems when using the Bitbon Crypto Value.