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So, what is a blockchain?
A blockchain is a digital ledger that is highly resistant to hacking or modification. A network of computers maintain transactions securely and the technology allows people to deal directly with one another, without the use of a bank, government, or other third party.
Details of Blockchain Explained in Simple Terms:
- The blockchain is comparable to a massive, global and decentralized spreadsheet (in which no single system serves as the “Central” authority).
- It tracks who sent how many tokens/coins/information sets to whom.
- As for Coins/Cryptocurrency; it keeps track of each account’s balance.
- Thousands of people (Crypto-miners) around the world store and maintain the blockchain by using high-energy, specialized computers; also known as nodes.
- The blockchain consists of many blocks that contain all individual transactions sent and received through it. As an example, each individual transaction sent from sources like
Coinbase, MetaMask, MyEtherWallet, Exodus, Parity, Mist, Geth, Parity, and other platforms. - When accessing your Cryptocurrency Balances on Coinbase, or other Blockchain Wallets, or when you view your transactions on other specific platforms like etherscan.io, blockchain.info, etc., you are viewing data on the blockchain, rather than in a single personal system.
Blockchain Protects Us All:
Blockchain is a (decentralized) system that holds everyone to the highest standard of accountability. Leading to:
- No more transactions that are botched or missed.
- An end to errors made by machines or by humans. No more faulty or corrupt databases.
- The stoppage of (inadvertently made) exchanges or transactions without both parties consent.
- The blockchain ensures the authenticity of a transaction by capturing it on a linked distributed network of registers in addition to a main register. Which are all connected via a secure validation protocol.
Blockchain technology is commonly referred to and can be interpreted as Internet 3.0. (Evolution of the Internet – better – safer – truth).
The blockchain is an unquestionably brilliant innovation – the brainchild of a person or group of people identified by the pseudonym, Satoshi Nakamoto. However, since its creation, the blockchain has evolved into something much larger, and the fundamental question that everyone is asking, and we are here to help answer; is: What is Blockchain?
Details concerning blockchain have become clearer. Because digital data on blockchain is allowed to be shared but not copied, it establishes a database that is continuously updated and accessible. As a result, blockchain technology cultivated the foundation of a new type of internet. This internet evolution has progressed to the point where it benefits everyone on a global scale. Originally designed for the digital currency Bitcoin, the tech world is now exploring immediate and future purposes for the technology. Everything we witnessed with the Internet revolutionizing eCommerce and the way things are done and communicated is now being transformed in a new, revolutionary way by blockchain.
Bitcoin has been dubbed “digital gold” as a result of recent evidence of its existence and the development of blockchain technology. It appears to be a fitting name for it, as it has turned out to be exactly that. To date, the aggregate value of the currency is around $350 billion USD (by the time this is read, probably much more). Furthermore, blockchain technology can create additional types of digital value.
Everyone can use Blockchain without fully understanding the details:
Similar to the internet (prior to blockchain), or smartphones, computers, or your vehicle; you can use the blockchain without knowing exactly how it operates. Nonetheless, having a fundamental knowledge of this new technology will make it easier for you to comprehend why it is regarded as revolutionary.
Blockchain education – A Distributed Database
To explain it simply, imagine a spreadsheet shared thousands of times across an extensive network of computers. Next, consider that whenever the network processes a secure and confirmed update, it automatically revises the spreadsheet. If you can grasp this notion, you will have a rudimentary comprehension of blockchain. Benefits of this process and function include:
- Data stored on a blockchain is a shared database that is continuously validated and reconciled.
- Since the blockchain database isn’t housed in one location, the records it contains are indeed public and readily verifiable.
- There is no centralized version of this data that a hacker may tamper with.
- It is Hosted simultaneously by millions of computers, and its data is available to anyone on the internet.
- The Ultimate in Security and Transparency. Truth.
Blockchain education: Robustness and Perseverance
Blockchain technology, like the internet, has inherent resiliency. With the ability to store blocks of identical information across its network; the blockchain is incapable of:
- Being controlled by a single entity.
- Possesses no single failure point to exploit.
- Being defrauded or corrupted.
Blockchain education: History of its Birth/Creation
Since its inception in 2008, the Bitcoin blockchain has functioned without any significant interruptions. (Any issues pertaining to Bitcoin thus far have been the result of either mismanagement or hacking. That is, rather than being caused by faults in the core concepts, these problems stem from malice and human error.)
For well over 40 years, the internet itself has proven its own durability. This track record is encouraging for the evolution of blockchain technology and its implementation across a wide range of applications and solutions for the global community in which we all live and work.
Blockchain education: On being Transparent and Uncorrupted
The blockchain network operates in a continual state of consensus. As a result, it is a single, consistent consensus that autonomously checks in with itself every 10 minutes. This is a digital value ecosystem that is somewhat self-auditing. The network reconciles every transaction that occurs within ten-minute intervals. Each bundle of these transactions is referred to as a “block”. Therefore, the blockchain creates two important properties:
- Transparency data is incorporated in the network as a whole and, by definition, is public.
- It is not susceptible to corruption. A tremendous amount of processing power would be required to override the entire network and alter any unit of information on the blockchain. Something that is virtually unattainable and is constantly becoming a bigger and bigger obstacle.*
*In theory, this is conceivable. In reality, it is unlikely to occur. Thus, seizing control over the system to capture Bitcoins, for example, would in effect destroy the value of the cryptocurrency.
Blockchain knowledge: A Network of Nodes
The blockchain is comprised of a network of computing “nodes”.
A node (a computer linked to the blockchain network via a client that handles validation and relaying transactions) receives a copy of the blockchain, which is immediately downloaded upon joining the blockchain network.
Collectively, they establish a formidable second-level network, one that offers an entirely new vision of how the internet can function.
The role of Nodes in Bitcoin; the first blockchain example.
Each node acts as an ‘administrator’ of the blockchain and voluntarily joins the network, making it decentralized. However, each node is incentivized for joining the network; for the possibility of winning Bitcoins (by competing to solve and being confirmed as the solution), providing proof of work, and then producing the “minted” blockchain of data and being rewarded a certain quantity of bitcoins for each block that is completed.
Just as the internet began as a tool to share “emails” and information, and then expanded into vast commerce, jobs, and revolutionized industries. Therefore, as a result of blockchain, it is now occurring again; technology is evolving to the next level based on decentralized solutions and “truth”.
There are an increasing number of Bitcoin-like cryptocurrencies (exchangeable value tokens) on the market. Furthermore, a wide range of other potential variations of the original blockchain concept are now in development. And there are still more in the works. Because there are virtually no barriers, the usage and adopted solutions will become a part of our daily life in the near and distant future.
Blockchain knowledge: The Decentralization Concept
Since its inception, blockchain has been a decentralized technology, as its original design intended.
Everything that occurs on the blockchain is a result of the network’s overall functionality. As a result, some crucial implications are now apparent:
- By developing a new method for transaction verification, blockchain could render components of traditional commerce unnecessary.
- On the blockchain, cryptocurrency and ICO/Token trades occur nearly simultaneously. Realizing a Global commerce economy that operates 24/7/365 with no market openings or closing. Global.
- Vital record keeping, such as a land registration, is now completely open to the public.
- A global network of computers uses blockchain technology to collaborate on managing the database that preserves structured transactions. Ensuring that data is always current and accessible.
The network, not a single central authority, regulates the blockchain. To clarify, “Decentralization” refers to the network’s peer-to-peer (or user-to-user) operation. Therefore, the network creates ‘truth,’ and researchers are only now studying the possibilities that this mass collaboration enables.
Blockchain knowledge: Who Will Use the blockchain?
Keep in mind; you do not need to be familiar with the blockchain to benefit from it in your life. Like computers, they continually improve and enhance everything around us, whether or not we are aware of their existence of how they function.
At the moment, finance offers the most compelling use cases for the technology. Consider international remittances, for example. Accordingly, the World Bank estimates that people made over $430 billion USD in money transfers in 2015.
An abundance of Jobs and Careers are available in the blockchain. Right now, blockchain developers are in great demand. This is not about to slow down. As a result, the ramifications of evolving into the blockchain apply to almost everything.
Consequently, the blockchain might thereby eliminate the middleman for all kinds of transactions. Hence, more innovative methods for generating and participating in new monetary gains are more popular than ever.
The invention of “wallet” applications made it possible for the general public to use blockchain cryptocurrencies and gain access to the financial sector. Consumers initially used these to purchase items with Bitcoin and to store and access other cryptocurrencies. We recommend
Coinbase for any blockchain wallet or ICO strategy, need, or resource.
In addition to the various things and industries produced by the blockchain, it also created a huge demand for compliance, verification, and identification. Coinbase is the market leader in blockchain-compliant solutions and user “wallets” for cryptocurrencies.
Blockchain knowledge: Enhanced Security
Blockchain’s security, validity, and “Truth” are revolutionary and essential for comprehensive global solutions across all sectors. The blockchain removes all of the risks associated with centrally held information by storing its data across its network.
Particularly relevant to today’s needs; the blockchain eliminates centralized points of vulnerability that hackers might take advantage of.
We have all been afflicted by the security issues with today’s internet. We all depend on the “username/password” system to safeguard our identity and assets online. Cryptography technology is used in blockchain security techniques. Blockchain has therefore led to an evolution in Internet Security along with nearly all aspects of the Internet.
These encryption techniques are referred to as public and private “keys”. A user’s address on the blockchain is represented by their “public key” (a lengthy, randomly-generated string of digits). Values (such as Bitcoins, any Cryptocurrency, or a Designed Variable) are transmitted across the network and documented as belonging to that address. The “private key,” which grants its owner access to their Bitcoin, other cryptocurrencies, or other digital assets, functions similarly to a password. The data you store on the blockchain cannot be corrupted. This is true, however safeguarding your digital assets will also necessitate protecting your private key.
Protective methods include:
- By printing it out, a so-called paper wallet is produced.
- A Trezor, for example, lets you to store your “Public Key” and its contents while you access them from the blockchain in a secure location with built in and safe recovery points. Click on the Image to orders yours today.
Blockchain knowledge: A Second-Level Network
The Internet (web) gains a new level of functionality thanks to blockchain technology.
Hence, users can interact directly with one another; in 2016, Bitcoin transactions averaged more than $200,000 USD each day. With the enhanced security provided by the blockchain, new internet businesses are poised to radically disrupt traditional financial institutions. Furthermore, to truly appreciate how much it is growing (making the 2016 figures seem pitiful), click here to view the most recent Market Cap (which displays the hundreds of Billions in Bitcoin trades).
According to a 2017 report by Goldman Sachs, blockchain technology has a lot of potential. Especially with optimizing financial clearing and settlement transactions. They assert that it might result in Global savings of up to $6 Billion annually. It appears that even Goldman Sachs underestimated this amazing new world of blockchain.
Blockchain education: Conclusion
This can be a lot to absorb. Therefore, we encourage you to bookmark this page and return for additional information, or to review this material. While the information presented will only strengthen your appreciation for this blockchain education, the future holds nothing but growth and excitement for all of us. Perhaps you will be among the thousands of others who have been apprised by our Blog on blockchain education here. Subscribe to the right to stay up to speed on the new blockchain program, services, and enjoyment for all.
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