If you are like me this Blockchain Technology thing is like something from the Twilight Zone! I am so old school, the chains are shaking on my block! To tell you the truth, it scares me a lot. Not only did I actually have to wrap my head around digital technology to be able to work the computer I’m typing on, but now I am supposed to do my banking with something called “Blockchain. “Lord Have Mercy”! Suffice it to say, I’m learning right along with you on this page. Guess we can figure out the basics of Blockchain Technology together!!
So from what I understand, the blockchain system is a secure digital notepad that can list electronic transactions. These listings can be programmed to record financial data or anything of value. So that was easy enough to understand. Let’s get a little into more detail.
Here is how we can break it down further so we all understand
Think of a huge international spreadsheet created from all over the globe. Its purpose is to document “who sent what to whom” (whether coin/ also called Cryptocurrency or tokens) through a decentralized (many locations) authority (A centralized, all in 1 place, the authority would be a bank, corporation, or credit union). Each and every account balance is tracked when speaking of Cryptocurrency. The name for the multitude of people who store and service this data is “Miners”(easy to remember coins= mining for gold! Right?). we analyze blockchain data within many high-powered, specially designed, computers across the country.
A block is created by a multitude of sole transactions that have been both sent and received through the Blockchain. When you look at your balance of coins or Cryptocurrency, you are looking into your Blockchain Wallet. Your wallet allows you to view all the transactions. (Sent from MyEtherWallet, Ominex, Exodus, Parity to name a few. Also, Transactions can be viewed in other Blockchain Wallets, like therscan.io, Ominex.com, or blockchain.info.).
Do You Know The Start Of This Blockchain Technology?
Whether Blockchain is thought of as ingenious or otherwise, this technology is shrouded in mystery. No one knows whether the developer was a single individual or a group of people who came together for the project. Nor is the nationality of the founder identified. Although the name associated with Blockchain Satoshi Nakamoto appears to be a Japanese pseudonym(“a fictitious name used by a person or Group of People). The “Kings English” seems to also be linked to the developer. Words such as “flat” and “Colour” as well as “bloody hard” were found in the source coding and forum postings. So the inference is British, rather than Japanese. Historically we also know, none of the leading people in this new technology were Japanese!
So the mystery will remain, but it looks like the technology is here to stay. People are “Mining” Blockchain cryptocurrency. They are using it as actual money!! Gee, I guess we have come a long way from trading chickens for clothing materials. Folks, in the last 60 years we have created more adaptations to our society than one could imagine. Science has brought us from using our radio for news and entertainment to watching events on TV. We have gone from car, boat, and train transportation to airplanes and luxury cruise liners!
More ways to communicate
Our communication has also been blown sky-high. We not only have the telephone, but computers, and the internet!!! With that development alone the world around us became more infinite. We no longer need to spend hours in a library pondering over books to get information! We could get knowledge with the touch of a button. People don’t need to be present in a store to buy anything anymore. And now you don’t even pay with actual money? Like I said at the start; Something right out of the Twilight Zone!
Why Should Anyone Be Interested in Blockchain?
We know that Blockchain is a new way of storing data. Not everyone will be interested in this technology, but even the “naysayers” must admit that much interest and investment has been generated. Human nature dictates that “no one wants to be left behind”!
That being said, several prominent communication sources have predicted this new process is here to stay. Cision Communication says the blockchain technology market will likely accumulate $20 Billion in revenue by 2024. Whereas Coinjournal thinks the infrastructure cost of banks will be reduced by 30% because of blockchain. That amounts to a significant amount of $12 Billion. Those are significant numbers, Folks! Guess maybe we should pay attention and learn about this!
What the Heck is Blockchain
When trying to discover an understanding of Blockchain, we come up with more general questions! What is a database? What is a spreadsheet? What’s a server? So let’s start at the beginning (For those of us who need a watered-down, step-by-step version.) Well, a blockchain is a unique kind of database.
- Data: basic information. can be any format (written, coded, even spoken)
- We Know a Computer collects and stores electronic information or data. That information is a database. which can house large amounts of data on an individual computer. The big difference from just the electronic collection is how data is stored. Most database storage is easily searched and retrieved in a table set-up or format.
- Whereas Blockchain stores data in chunks or BLOCKS CHAINED together. Each block fills with data and is chained to the previous block which maintains chronological order. As each block fills, it is set in stone. This cannot be changed or tampered with and also acts as a timestamp for the data.
- A spreadsheet is a system to store limited amounts of data and can be designed by one person or a group.
- So a database can house much more data, is assessable, and can be used by many individuals simultaneously. Hence large databases can use hundreds or even thousands of computers for power and storage capacity.( these types of systems are often owned or managed by corporations or Businesses!).
So we now know All Blockchains are databases, but not all Databases are blockchains! In addition, most blockchains use it to store cryptocurrency. They have also housed other data like legal documents, product inventory, and even medical records. It is considered a safe, secure, and unalterable system of storage.
Decentralization
Most know that Bitcoin has used the blockchain format to establish its system. The Bitcoin decentralized model uses multiple computers to collect and store blockchain information as a specific type of database. This database collects every Bitcoin transaction ever processed. Bitcoin is not like most other databases because its computers are not housed in one location. They also use only one person or group of people to individually work the Bitcoin system.
If you were to think about 20,000 computers holding client information in the system. Then a company owns a warehouse where all these computers are stored. The company has access to and controls all the computers in this building. Bitcoin for example has thousands of computers. Each group of computers or individual computers is housed in different locations as well as run by different individuals or groups of people. This complete computer network that Bitcoin controls we call “NODES”. Each node contains all the data compiled of each interaction since the onset of the system. Therefore if a mistake is made on one transaction, thousands of computers contain the accurate transaction, so the mistake corrects immediately. Bitcoin’s blockchain transaction history in each block is irreversible. As no one node can change any information held inside the blockchain.
Preventing Fraud
The blockchain system provided specific and exacting orders. It would easily be recognized should incorrect data as the nodes all cross-reference each other. Therefore the transaction records are safe and secure from tampering. This has proven useful with Bitcoin’s transaction records. You also need to be aware that blockchain transactions can hold various types of information such as:
- legal documents and contracts
- identity papers
- inventory lists for companies
Should someone want to change any information stored in the system, a majority of the computing systems in the network need to agree with the change. Hence any changes made must satisfy most of the decentralized networks involved in the original transaction. Therefore the majority will have the satisfaction that the change was best for everyone.
Use of Blockchain has its Pros and Cons
Even though the use of blockchain technology may seem complicated, its decentralized aspect to maintain records is limitless. It provides an overall increase in privacy and security. While reducing fees and the number of errors. This technology may indeed have many more adaptations for the future.
Pros
- Accuracy maintained without human touch for verification
- Overhead Cost lowered without added verifying steps
- Decentralization is difficult to disrupt
- Negotiations are private, secure, and expedient
- Clear technology
- Allows a stable and secure addition for personal banking across the globe, even in underdeveloped countries.
- Tamper proof
Cons
- Technical Set-up significant cost for mining bitcoin
- Slow transfer times
- Past use with illegal entities
- Controlled transaction
- Difficulty to remove
The road to blockchain technology is becoming more and more visible. Bitcoin opened the path, but other industries are finding their way toward this interesting technology. Look how far we have come since the internet first started. We have gone from communication through letters, telegrams and the home telephone. To now sending text, phone, and emails that can travel around the world in a matter of seconds. The internet was an incredible technical advancement that moved our whole way of communication to a different level. Hence with this in mind, blockchain will follow suit and advance us to a new way of secure, private transactions based on decentralization!
Want to Help Usher in the Future
Most of us never want to be left behind. It is up to us to learn and adapt to the new technologies of this era. It is no longer acceptable to let young people lead this march. This will start by learning to Mine Cryptocurrency for FREE. This program is easy to understand and does not require in-depth knowledge of how blockchain works. But the above information hopefully has helped increase your understanding and overall concept. Just know that this Blockchain Technology is adaptable to other industries! This incredibly decentralized system will continue to grow as did the internet. Other industries are experimenting and trying to implement more and more platforms to integrate this technology into our future. Hence providing secure and incorruptible transactions for banking, legal matters, and even health adaptations.
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With the wave of cryptocurrency hitting our society many jumped at the opportunity and created the chance to become a millionaire. The real opportunity exists and the beauty of it all is that you do not need to completely understand how it all works. It can be overwhelming to understand completely, but we will continually be updating our pages and supporting our readers in the development of the latest and greatest within the blockchain revolution. Don’t forget to fill out the form ========>to the right and get on our mailing list, or connect with me via email or phone, and I will get back to you with more exciting “Jewel”!
