There is a revolution occurring in the area of currency. Notably blockchain is an integral part of this revolution.This revolution has arrived and will have more and more influence in our lives. With this in mind, we offer an explanation where we hope to provide an overall view of this relatively new innovation. Although, it does appear to be somewhat complicated, all you really need is an understanding.
Blockchain: is a digital database which is in fact an incorruptible digital record or ledger of peer to peer economic transactions. Picture it as a giant spreadsheet made up of individual blocks. Furthermore, a vast number of computers share this spreadsheet over the internet. And each block is a public database containing digital information which forms a chain joined in links. Each time a transaction occurs and is verified, the block grows in size. Transactions can be financial or just retain some value.
Thesystem is an immense global system with no “Central” authority. Therefore we describe it as decentralized.
This system tracks and stores records of peer to peer transfers of coins/tokens/information.
With regard to Coins/Cryptocurrency; it tracks and records the balance of every account.
In fact it is not possible to identify bitcoin owners of transactions. This is because the Bitcoin data base system Cryptocurrency within a wallet is tied to specific keys (or “addresses”) and not to the people.
In other words, for example,when you access your Cryptocurrency Balances on Coinbase, or any other Blockchain Wallet or view your transactions on various and specific sources like etherscan.io, blockchain.info, etc., you are seeing data on the blockchain, not in any one personal system.
Consequently,the blocks that are within the blockchain consist of of all the individual transactions sent and received through this system. For instance all individual transactions sent from places like Coinbase, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
Therefore,Blockchain is about transparency (while cryptocurrencie is about anonymity)
Stamps out human or machine errors. No more corrupt or broken databases.
No more transactions or exchanges (made in error) without the consent of the parties involved.
The blockchain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
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. It is the next extension of the use of the internet and the potential growth of applications is enormous.
The blockchain database is endlessly up to date and accessible. Hence, blockchain technology created the development of a new type of internet. This increases the advantage of the global use of the internet. Thus, the internet changing international and national commerce. Blockchain introduces a completely different method of conducting business.
A distributed database – let us explain the blockchain details even more:
In order to simplify, imagine thousands of users that share access to a spreadsheet across a vast network of computers. Then realize that whenever they process any update where they secure and validate the truth of any update, that the design of this network ensures regularl updates of this spreadsheet. If you can grasp this concept, you have a basic description and understanding of blockchain. Some benefits to this process and function include:
Information held on a blockchain exists as a shared, and continually validated and reconciled database.
The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
Therefore there is no single point of failure
A blockchain-powered security framework would be decentralized, leaving no single point of compromise. Therefore, it is a much tougher for hackers to corrupt.
Thus Corruption and/or embezzlement does not occur.
Millions of computers Host it simultaneously, its data is accessible to anyone on the internet.
Ultimate Security and Transparency. We identify this as Truth.
Thus the Blockchain is Durable and Robust Based on the Above Details!!
Blockchain information from the history of its Invention/Creation:
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
Bitcoin is less volatile than other Cryptocurrency. And furthermore, We accept Bitcoin globally. Unlike other Cryptocurrency which is only acceptable by few crypto wallets. Because of this feature, it makes it easier to trade online and across all boundaries. Internet connections are necessary of course.
The internet itself has proven to be durable for well over 40 years. In light of this, it follows that it is a track record that bodes well for blockchain technology. The blockchain will then continue to develop, and deploy, to provide more uses and solutions for the Global Community we all live and work in.
The blockchain network lives in a state of constant consensus. Therefore, it is one constant consensus that automatically checks in with itself every ten minutes. This is a kind of self-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions they refer to as a “block”. As a result, here are two important properties that blockchain creates:
The fact that they embed Transparency data within the network as a whole, by definition it is public.
It’s improbable to corrupt the blockchain network. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and the barrier for this is becoming a larger and larger barrier constantly.*
*In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
A network of computing “nodes” make up the blockchain.
Node (a computer connects to the blockchain network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which they download automatically upon joining the blockchain network.
Together they create a powerful second-level network, a wholly different vision for how the internet can function.
Every node is an “administrator” of the blockchain, and joins the network voluntarily (in this sense, the network is decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins (competing to solve and be verified as the solution), proving proof of work, and then creating the “minted” blockchain of information and being rewarded a specific amount of bitcoins for the completed block in the blockchain.
Blockchain is the next revolution after the event of the internet creating the ability to share information and communicate. It is the next and most recent technology to appear based on decentralized financial transactions and “truth”.
This revolutionary technology is already creating other developments such as the use of cryptocurrencies in the travel industry as well as the use of exchangeable value tokens. The potential applications for blockchain technology appear to be unlimited. It will certainly become a part of our fabric and every day life.
The blockchain is a decentralized technology, consistent with its original creation.
Anything that happens within the blockchain is a function of the network as a whole. Hence, it is now possible to realize some important implications:
By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing. Global.
Vital record keeping, like a land registry, is now fully public.
A global network of computers uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.
The network manages blockchain, and not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” and the possibilities from all forms of mass collaboration this makes possible are just beginning to be investigated.
Remember that you do not need to know about the blockchain for you to put it to use for your purposes. Like computers, they have been enhancing everything around us (it all seems so magical) with or without our knowledge of them and how they function.
The world of finance is the strongest driving force behind this technology. This is due to he large amount of money transfers. According to the World Bank, there were an estimated $430 billion in US dollars sent in 2015 alone.
Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.
Employment in the blockchain is active and expanding. It appears .also, that the availability of Jobs and Careers in this arena will not be slowing down. This speaks well for the growth and future of the blockchain. In addition, the blockchain cuts out the middlemen in these transactions. Therefore the monetary gains due to this technology are significant and growing.
The general public has access to the financial sector and to the use of cryptocurrencies with the advent of “wallets”. Wallets first provided the ability to purchase items with Bitcoin. Also, people could store and access bitcoin along with other cryptocurrencies.
Our recommendation is Coinbase for a blockchain wallet. Coinbase is a leader as an exchange and wallet in the arena of blockchain technology.
By storing data across its network; the blockchain eliminates all of the risks that come with data being held centrally. The security, validation and “Truth” offered by blockchain globally for all sectors is indeed revolutionary. Indeed, the blockchain offers extraordinary protection against exploitation by hackers.
Blockchain security methods with the use of encryption technology eliminates the security problems of the internet with the use of usernames and passwords. Therefore this eliminates the potential of identity theft and loss of assets.
Information on “Keys”
Methods of encryption in this instance are known as public and private “keys”. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions. This provides a mathematical proof that they have come from the owner of the wallet.
Values (such as Bitcoins, or any Cryptocurrency or Designed Variable) are sent across the network and are then recorded as belonging to that address. In this way, the “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding of your private key.
Methods for safeguarding include:
By printing it out, creating what’s referred to as a paper wallet.
Cold Storage Solutions. Such as a Trezorallow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built in and secure recovery points. Click on the Image to order one today.
With blockchain technology, the internet (web) benefits with a new layer of functionality.
Hence, users can transact directly with one another with peer to peer transactions — Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)
As published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs has underestimated this incredible new world of blockchain.
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