What is Blockchain Technology?

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What is Blockchain Technology?

The blockchain is an undeniably ingenious invention, the brainchild of a person or group of people known by the pseudonym Satoshi Nakamoto, but since then it has evolved into something greater. The main question everyone’s asking is what is blockchain, originally devised for the digital currency Bitcoin.

The tech community has now found many other uses for the technology. To date, the total value of Bitcoin is close to 150 billion US dollars. Much like the Internet, you don’t need to know how the blockchain works.

To use it. However, having a basic knowledge of this new technology tells you why it’s considered revolutionary picture, a spreadsheet that has duplicated thousands of times across a network of computers.

Then imagine that this network is designed to regularly update the spreadsheet, and you have a basic understanding of the blockchain information held on a blockchain exists as a shared and continually reconciled database.

The blockchain database isn’t stored in any one single location, meaning the records it keeps are truly public and easily verifiable posted by millions of computers. Simultaneously it’s. Data is accessible to anyone on the Internet.

The blockchain network lives in a state of consensus, one that automatically checks in with itself every 10 minutes. A network of nodes makes up the blockchain. Every node has a full copy of the ledger and joins the network voluntarily.

Each node has an incentive for processing and verifying transactions, the chance of earning bitcoins or any other cryptocurrency used by the network. Each group of transactions is referred to as a block.

The transactions in a block cannot be corrupted, as altering any information on the blockchain would require your computer to overpower the entire network. In theory, this could be possible in practice.

It’s, unlikely to happen. This new way to send and verify transactions could make traditional commerce unnecessary stock market trades could be instantaneous on the blockchain, or it could keep a fully public record of Land Registry, or it could host an election.

The possibilities are endless. If you aren’t convinced about the possibilities of blockchains, we’d like to leave you with this quote from a former US Treasury Secretary, Bitcoin has the same character.

A fax machines. Had a single fax machine is a doorstop, the world where everyone has a fax machine is an immensely valuable thing.