What does blockchain mean?


Blockchain is a unique invention: the children of a person or group of people known as Satoshi Nakamoto. But since then it has evolved into something more meaningful, and the main question everyone is asking is this: What is a blockchain?

By allowing digital data to be distributed but not copied, blockchain technology has laid the foundation for a new type of Internet. Originally developed for digital currency, the Bitcoin (Buy Bitcoin) community technology is now finding other potential benefits of the technology.

Bitcoin is called “digital gold” and for good reason. So far, the total value of the currency is about $ 9 billion. And blockchains can do other types of numeric values. Like the Internet (or your car), you don’t need to know how a blocker uses it. However, basic knowledge of this new technology demonstrates why it is considered revolutionary.

Durability and reliability of the blockchain

Blockchain technology is similar to the Internet, in its integrated reliability. By storing the same information blocks in your network, the blockchain cannot:

1. Has no single point of failure.

2. Be under the control of any individual entity.

Bitcoin was invented in 2008. Since then, the bitcoin blockchain has been running smoothly. (So ​​far, all the problems associated with bitcoins are caused by hacking or mismanagement, in other words, these problems arise because of evil intentions and human error, not because of the imperfections of basic concepts).

The Internet itself is almost 30 years old. This is a record that is useful for blockchain technology because it is still evolving.

Who will use the blockchain?

As a web infrastructure, you don’t need to know a chain of blocks to be useful in your life.

Currently, finance offers the most influential uses of technology. For example, international payments. The World Bank estimates that in 2015, more than $ 430 billion in remittances were sent. At the moment there is a high demand for development engineers.

Blockchain potentially reduces intermediaries for this type of transaction. Personal computing has become more accessible to the general public thanks to a graphical user interface (GUI) inventory that has formed a “desktop”. Also, the most common GUIs designed for Blockchain are called so. Wallet applications are used by people to buy things using bitcoin and store them along with other cryptocurrencies.

Online transactions are closely related to identity verification processes. It is easy to imagine that in the coming years applications for portability will change and include other types of identity management.