Blockchain technology is useable whether you understand it. It is like the internet, you don’t have to know how Blockchain works in order to use it. I can send emails’ but I don’t know how the message gets from my computer to another computer. It just works! But for people who need to understand what makes the technology work, here is some information to help you.
Blockchain is the platform which brings cryptocurrencies into play. The technology that serves as a distributed ledger is Blockchain. Accordingly, Blockchain platform serves as a distributed ledger which becomes the NETWORK. The Blockchain Network generates the way to transactions for the cryptocurrencies.
Blockchain are the means for cryptocurrencies to be part of the ecosystem. Actually, you can’t have Blockchain without cryptocurrencies. Hence, there is no way for cryptocurrecy transactions without the Blockchain.
What is Blockchain Technology?
Blockchain technology is referred to as Internet 3.0. A Blockchain is a decentralized system which means no-one system has control over it. This system keeps track of transactions in digital financing. For example:
- Eliminate missed or corrupted transactions.
- Cancel system or human errors
- Wipe out corrupt or damaged databases
- Disqualify exchanges that does not have consent of all parties involved
- Guarantees the transaction to be valid
Blockchain is like a humongous program that audits transactions of thousands of people across the globe. If you access your Blockchain wallet, the data is the blockchain and not your own system. However, the Blockchain design can not be “centralized” or controlled by any single entity.Blockchain can not fail so it is hacked-free. Therefore, no corruption or embezzlement can happen.
Blockchain Technlogy Information
Once the internet was only a way for technical folks, government defense and libraries to utilize. And the internet was not friendly. Exponentially, the internet grew into the realm of commerce, jobs, and revolutionized the industry. Blockchain bases its technology on digital financing and “truth” which is emerging into another level of technology. Some benefits of this process are:
- Blockchain information resides in a database that continually updates and reconciles the information.
- The Blockchain database is truly public and easily verifiable. The records are not in any single location.
- There is no centralized version of Blockchain which makes it “hack” free.
- Its data is hosted by millions of computers simultaneously and is easily accessible on the internet.
- Ultimate Security and Transparency equals TRUTH.
The Blockchain network is its own authority, and therefore stands alone. The network operates on a one-on-one basis. As a result, this generates “truth” which is transparency and the ultimate security.
Necessary for total global solutions, Blockchain technology is revolutionary in offering security, validation and “Truth” in all sectors. This means that the Blockchain technology eliminates all of the risks that come with data being held centrally. It does so by storing data across its network. This is especially relevant since lacking centralized points, computer hackers have nothing to exploit.
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In today’s world of the internet, security issues are a problem. We all rely on the “username/password” system to protect our identity and assets online. According to the IST website, one of the potentially weakest links in computer security is your password. Consequently, Blockchain security methods use encryption technology.
In Blockchain, the methods of encryption are public and private “keys”. A “public key” is a users’ address in the Blockchain. When someone sends you cryptocoins over the Blockchain they are sending them to a hashed version of the “Public Key”.
The “private key” is a password that lets its owner access to their Bitcoin or other digital assets. This Private Key derives the Public Key. Private Keys are just that – PRIVATE. Do not share with outsiders! (Unless of course, you want to be a victim.)
At this point, you may be asking yourself this question. If a Public Key derives from a Private Key, couldn’t the reverse happen? Technicians solved this issue by using a complicated mathematical algorithm to generate the Public Keys. Therefore the algorithm is very difficult to “reverse” to accomplish the opposite.Digital information in Blockchain is distributed, but not copied. Thus, an updated accessible database is constantly available. The internet has evolved so that, globally, everyone is better off. Blockchain is a system originally devised for the digital currency, Bitcoin. The tech community is now exploring other potential uses for the technology. The Blockchain is changing internet commerce to a higher standard. The internet is now experiencing a new and clever system with blockchain.
Blockchain Advantage
Remember, the Blockchain can be useful in your life, without you understanding it. I can use a computer for emails, Facebook, etc, but I don’t know how they function.
Currently, the strongest technology used is in Finance. For example, international remittances will be easier to conduct.
Consequently, you and only you, can execute Blockchain transactions. (Or the receiver of the transaction). Hence, you can save money without the middle man.
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In conclusion, all the technology works, whether you understand it or not. Blockchain literally creates the possibilities of millionaires among all of us. Whether we fully understand Blockchain or just get the basics, this is real.
Blockchain technology is complex and while the educational information provided is merely a start, Blockchain is here. Understanding it is not mandatory for using it. Furthermore, Blockchain involvement is exciting.
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