Every day we witness new technologies, inventions, and developments, in this modern era “The blockchain originally block chain” is the latest and most talked about and one which I belive will change the World as we know it today.
If we talk about the field off Technology, it is not only about Computers, Tablets, Smartphones or Smart watches anymore, There is a lot more to discuss in this subject. The blockchain Technology is one of these topics.
Blockchain is the world’s leading software platform for digital assets. Which offers the largest production block chain platform in the world.
This alone should give all a Wake up call The world is changing and its time we all started to change with it.
What is a Blockchain?
- A blockchain is a simply a chain of blocks which contains some form of information.
- The blocks are securely connected or chained to the one before, through a digital signature.
- The data that is stored inside a block will depend on the type of the blockchain.
- The chain is not made from a single entity, rather a network of many nodes that makes up a blockchain.
- There are many blockchain’s connected to each other via nodes, yet they remain separate from each other.
Blockchain and Bitcoin
This technology was adopted by an anonymous person Satoshi Nakamoto to create a digital cryptocurrency, correctly known as Bitcoin Mining is used in a bitcoin chain to achieve consensus. When a transaction is confirmed, miners start working on the next block linked to the previous one and the chain keeps growing.
The bitcoin chain stores the details about the transaction such as the sender, receiver and the amount. The hash in a block is the unique identifier of the block. Finally, the hash the previous of the previous block helps in creating a chain of blocks.
Usage’s besides Bitcoin
Whenever we hear about blockchain, we think about cryptocurrencies especially bitcoin, ethereum and litecoin.
Blockchain technology is more than just that, with an append-only data structure, that is used in the blockchain, that allows new data to be added, and stop’s past data from being removed. The records remain permanent and this technique makes the results verifiable, and as such transparency and accountability are increased via this technology.
For example; Smart Contracts (a blockchain based contracts) are the contracts between two parties can be recorded permanently in an encrypted form.
Future of the Blockchain
We see the blockchain technologies making a massive impact in the future. For now, it is still a beginning for this technology with cryptocurrencies being its usage. It has the ability to change the way we transact and record the transactions.
We are able verify transactions since they cannot be erased. With this ability, not only it can bring an economic change, but it has the potential to bring the social change as well. We expect to see further use cases of the blockchain technologies across different fields and industries in future.
We achieve decentralization by storing data across networks; in this way, the chain eliminates the risks that come with data held centrally.
The network then lacks centralized points of vulnerability that computer crackers can exploit; likewise, it has no central point of failure. Blockchain security methods include the use of public-key cryptography.
This is where blockchain has its advantage. While centralized data is more controllable, information and data manipulation are common. By decentralizing it, the data becomes transparent to everyone involved.
Every node or miner in a decentralized system has a copy of the chain; data quality becomes guaranteed by massive database replication and computational trust.
- Backfeed project develops a distributed governance system for block-chain-based applications allowing for the collaborative creation and distribution of value in spontaneously emerging networks of peers.
- The Alex andria project is a block-chain-based Decentralized Library.
Tezos is a block-chain project that governs itself by voting of its token holders. Bitcoin block-chain performs as a cryptocurrency and payment system. Ethereum block-chain added smart contract system on top of a block-chain. Tezos blockchain will add an autonomy system – a decentralized code Development function on top of both bitcoin and Ethereum blockchains.
Today there is 100’s of Cryptocurrency on the market, so here is a list off the main four.
- Bitcoin Cash
I recommend using Coinbase for buying and selling Cryptocurrency.
Information from Webbhotell