The world is making the move to digital currency, but what is blockchain technology? We gave gathered the information for you to read through and get an understanding.
So, What is Blockchain Technology?
Blockchain is an incorruptible digital ledger of economic transactions. It is programmed to record financial transactions. Plus, almost anything else of value.
What is Blockchain technology – Let’s Break it Down
- The blockchain is essentially a huge, decentralized spreadsheet.
- It records the number of coins or tokens sent and received.
- Is stores and maintained by thousands of people, not the minority.
- Tracks the balance of every crypto account.
- Each block is a record of an individual transaction.
Blockchain is a decentralized system. Therefore, it gives everyone the highest degree of accountability. These are some of the benefits.
- Eliminates corrupted and missed transactions.
- Ends machine and human errors.
- stops any transactions made in error.
- Guarantees the validity of all transactions.
Blockchain is an incredible invention known by the pseudonym, Satoshi Nakamoto. It has evolved into something far greater since its original creation. This article will answer the big question. What is Blockchain Technology? Therefore, we are giving you plenty of information to inform you.
Digital information can not be copied; only distributed. Thus, creating a database that is endless and constantly updated. Blockchain was originally created for digital currency; like Bitcoin. But the tech community is finding many more potential uses for the technology.
You don’t need to fully understand blockchain to use it
Just like your smartphone, a computer, or even your car; you don’t need to understand what makes them work to use them. However, having some general knowledge will help you to understand this revolutionary technology.
Blockchain has a distributed database
You can compare this to a vast spreadsheet being shared. That is, thousands of times with a massive network of computers. The spreadsheet is designed to regularly update each and every transaction every 10 minutes.
- All information exists as a shared, continually validated, and reconciled database.
- Will not stored in any single location; it is 100% public and verifiable.
- Can not be hacked or corrupted because there is no centralized version.
- Provides the ultimate transparency and security.
Durability and robustness
Blockchain technology has a built-in robustness that is similar to the internet. Likewise, blockchain stores identical “blocks” of info across the entire network. Therefore, blockchain can not be controlled by a single entity. Nor can it be embezzled or corrupted. That means there is no single failure point.
Transparent and Incorruptible
The blockchain network is always in a state of constant unity. Therefore, every 10 minutes; it automatically updates across the entire network. In other words, that makes it is a self-audited system. Every 10 minutes the system reconciles all transactions for that period. Then it produces another “block” of information that goes out to everything on the network. Therefore, it saves massive amounts of records. It would take a supercomputer; better than what NASA has; to hack every single record on the network. In theory, that is a possibility. In reality, it just ain’t happening!
Enhanced Security
By storing the data across the entire network, on every computer; That risk will be eliminated. Therefore, the aspect of it being stored on any one or two servers will be eliminated. Servers can be hacked. There will never be a centralized server that a hacker can gain access to.
Unlike the internet we use today; We rely daily on usernames and passwords that can easily get hacked. Blockchain uses state-of-the-art encryption technology. The encryption methods it uses are known as public and private “keys”. A user’s address on the blockchain is a long, randomly generated string of numbers. That is a “Public Key”. Bitcoin and other cryptocurrencies will all have their own “Private Key”. That is like a password. Therefore, that will make all your data stored on blockchain incorruptible.
Additional Security Methods
- Print it out for security. Double your protection with a paper wallet.
- Uses cold storage solutions. Tools like Trezor allows you to store your “Public Key” in a safe location. All with built-in recovery points.
Blockchain Technology explained: Get ready to Jump into Cryptocurrency!
We have found the perfect way for you to get into the digital world of cryptocurrency! You will become a Bitcoin Miner with this totally free app! Start earning Bitcoin the moment you launch it! When you are using your computer, it settles down into low gear to free up resources for what you are doing. But then, after 5 minutes of inactivity, it will kick it into high gear to earn you the most possible. This is pretty incredible. And best of all, you can run it on up to 5 Windows PCs or Android phones! GO HERE for the details on how to mine FREE BITCOIN.
Thank you for taking the time to check out the information here! We have tons and other information and products that will surely be beneficial to you. GO HERE to see everything.
Response Magic