Blockchain is a concept that cannot be easily explained, so it remains shrouded in that ever-so-attractive cloak of misinformation.
What is blockchain?
It is a public digital ledger designed to be impenetrable to hackers. Although it is primarily used as a way to track and verify currency transactions, it can also detect and control almost any type of data, making it an incredibly secure platform that has the potential to change the entire internet.
Each chronological change in the ledger is referred to as a block, while a larger series of changes is called a chain, Blockchain.
What makes blockchain so secure is its decentralized nature. It does not exist on any server, Master Ledger, instead it exists on everyone’s computer at the same time! This means that every time it is updated with new information, every computer using the platform must agree that the change is valid.
This means that if someone wanted to falsify the records on the block chain, they would need to hack into each of these computers at the same time, as opposed to a single centralized database.
Blockchain Technology
Anyone can access the book at any time, but without identifying features. Blockchain technology can securely control transactions between two parties while effectively reducing the need for middlemen.
For example, let’s say you want to transfer money. Traditionally, this transfer would have been made through the bank. Your bank talks to the recipient’s bank and the money moves.
Blockchain will verify the same transaction simply based on how it works. Because it must be “approved” by all participants in that particular blockchain, no bank needs to intervene (unless you want to convert Bitcoin to another currency).
Because the concept can be applied to any type of data transfer, Tim Berners-Lee, the man who created the real internet, agrees that blockchain has the potential to disrupt the entire online world, serving as the basis for a truly more private and decentralized Internet.
With more and more venues accepting Bitcoin, along with massive corporate interest in blockchain technology, it’s only a matter of time before it appears in our lives.
The new generation of networks and the reduction of energy consumed. Technology is constantly evolving and networks worldwide are being modernized according to people’s needs. The same do blockchain and cryptocurrencies!
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