WHAT IS BLOCKCHAIN TECHNOLOGY?
The Blockchain is world’s uprising software platform used for digital assets and currencies. The Blockchains are secure because of their design & are a fine example of a distributed computing system with high fault tolerance. Many things have been achieved by blockchain with Decentralized consensus within them.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”Don & Alex Tapscott, authors Blockchain Revolution (2016)
BITCOINIt is a based on Blockchain. A mysterious person, Satoshi Nakamoto, invented Bitcoin in 2009, thus creating the first decentralized cryptocurrency. Since its inception, Bitcoin has inspired new ideas and created new paradigms in several contexts.
“Bitcoin has the same character a fax machine had. A single fax machine is a doorstop. The world where everyone has a fax machine is an immensely valuable thing.”Larry Summers, Former US Secretary of the Treasury
Who will use the blockchain?
Like web infrastructure, there is no need to know for user about the blockchain to be useful in their life.Currently, finance offers the strongest use cases for the technology. International remittances, for instance. The World Bank estimates that over $430 billion US in money transfers were sent in 2015. And at the moment there is a high demand for blockchain developers.The blockchain potency cuts out the intermediary for these types of transactions.Their is a Graphical User Interface (GUI) designed for blockchain which is known as “wallet”, which are usefull for buying things with Bitcoin.Transactions online are closely connected to the processes of identity verification. We can easily imagine that wallet apps will transform in futureto include other types of identity management.
Blockchain is not limited to bitcoin or other cryptocurrencies. Its most prominent functionalists include:
• Time stamping & Notarization; this function allows to store any kind of valuable information within the transactions themselves.
• Smart Contracts; that is software that runs exactly as programmed (but) with no possibility for downtime, censorship, fraud or third party interference, and can implement logic to cryptocurrency transactions.
The Blockchain & Enhanced security.The storing data facilities across the network, makes the blockchain eliminating the risks that come with data being held centrally.Its network lacks centralized points of vulnerability that computer hackers can exploit. Today’s internet has security problems that are familiar to everyone. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology.The basis for this are the so-called public and private “keys”. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Bitcoins sent across the network gets recorded as belonging to that address.
The “private key” is like a password that gives its owner access to their digital assets like Bitcoins and others. Store your data on the blockchain and it is incorruptible for whole life. To protect your digital assets, it will also require securing of your private key by printing it out.
Applications.It is true that, Blockchain technology has a large potential to transform business operating models endlessly. To lower the risk businesses are grudging to place blockchain at the core of the business structure.Blockchain protocols provides the easiness of businesses by using new methods of processing digital transactions. For examples include a payment system and digital currency, generic governance tools and implementing prediction markets.
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