Question

Briefly explain the context of the business (Celsius Network) that blockchain has been used? Explain the business problem that the blockchain solution is solving for Celsius Network? How does the Blockchain solution work?

Answer 1

A block represents the 'present' and contains information about its past and future. Each time a block is completed it becomes part of the past and gives way to a new block in the blockchain. The completed block is a permanent record of transactions in the past and the new transactions are recorded in the current one.

In creating a blockchain, organizations need to define the specific problem they are trying to solve. Then they must determine which transactions or interactions the blockchain should capture and who should have access to which portions. (See “Key Questions for Companies Designing Blockchains.”) Blockchains can be scaled and used to interact with any number of different stakeholders, whether customers, employees, suppliers, or other companies. Verification is a key benefit.

Decentralization. Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.