What is Blockchain Anyways?
Introduction
Blockchain is a word people have started learning about just recently. It may look like a difficult word to understand. Blockchain is essentially a great invention that keeps evolving and improving into something better. since its invention by a programmer or a group of programmers known by the pseudonym, Satoshi Nakamoto, blockchain technology is always improving, and not is actually being integrated into many business operations. It was originally devised for Bitcoin.
What is Blockchain?
Blockchain is made up of two words, block and chain. In simple terms, it can be termed as a chain of blocks. The blockchain can be described as a digital ledger of transactions that can only be used to record financial transactions as well as everything that has value. The blockchain cannot be manipulated. The original blockchain devised for Bitcoins is actually decentralized.
When transactions are happening the blockchain technology divides digital information into blocks and are then linked together. Each of the blocks has a hash. A hash is a set of characters which may combine numerical values and letters. A hash is often derived from the information that is in the block. A successive block contains the previous block’s hash, thus this leads to a chain.
A distributed database
Blockchain holds information that exists as a shared database. The blockchain database cannot be stored in one single location. All the records in the database are public and can be easily verified. Due to the lack of a central storage of information, it cannot be hacked or corrupted. Anyone can access the stored data on the internet.
Durability and robustness of Blockchain
Since the invention of Blockchain technology, Bitcoin blockchain has operated without the getting significantly interrupted. Blockchain can be said to be having a built-in robustness since it can store identical blocks of information across its network without failure and having to be controlled by a single entity.
The blockchain technology is durable. Its track record, especially the original Bitcoin blockchain proves that it an invention that is here to last for a long time just like the internet. Blockchain technology constantly continues to be developed and improved.
Transparent and incorruptible
The blockchain network looks at every transaction that happens in every ten minutes. These transactions happen in groups known as blocks. The data is placed within the network as a whole, which in other terms it is made public. Information on the blockchain cannot be corrupted.
Blockchain utilizes cryptography, which records transaction information in a way that is permanent, public and incorruptible. Information that is recorded on blockchain is downloaded on numerous computers across the globe that are part of the network. These computers always update all the records for new transactions. The wide distribution of data, therefore, results in a robust data storage which has no space for failure which can easily be targeted by hackers.
Blockchain Today
Today, numerous organizations, from profit-making, non-governmental or governmental, are constantly looking for ways to invest in blockchain technology to be ready for and improve the future. Blockchain allows business to remove the need for using middlemen or brokers in their processes, which thus saves them fees, costly human mistakes as well as security risks.
The Future of Blockchain
The blockchain is yet to catch on, but the best thing is that it is building a strong foundation for itself. It may take a while for the blockchain technology to be fully established utilized, but it still has a bright future. Blockchain can be used to handle many tasks in many industries, therefore it is extremely possible that blockchain will evolve over time and will be used widely across the globe.
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What do you think is the future of blockchain?
