Understanding the Blockchain Technology

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Understanding the Blockchain Technology

Human beings have lived in a pyramid system since the beginning of time. Equality has always been a myth because they are those that control the resources and all the information around them. Some have zero access to them any kind of relevant information. In today’s world, the Government and the large corporations control all the relevant data and the people have to believe whatever they are told.

For the first time in history, this system is being threatened and there is only one factor driving this change: Blockchain. Blockchain is an equalizer that allows everybody accesses to relevant information and the revolutionary bitcoin cryptocurrency was built on this technology. In this article, we want to take a look at blockchain technology and explain it in detail. 

What is a blockchain?

A blockchain is a database of transactions that is shared and duplicated across the whole network of a computer system on the chain. Blockchain records information in a public digital ledger which makes it impossible for anyone to hack, change or cheat the system. Every block in the chain has a certain number of transactions and anytime any participant initiates a transaction, a record of that particular transaction is shared with every participant on the network. This decentralized database is managed by everybody and not even the government or the large corporations have control over it. 

Features of the blockchain technology

Distribution

When someone makes a transaction on the blockchain, the record of this transaction is shared with every participant on the chain. This will allow for easy verification and prevent any form of foul play.

Trust

When you sign up on a blockchain platform, you need to trust the system and agree to the correctness of all records. The final decision of all participants needs to be unanimous.

Privacy

One of the better features of blockchain technology is that it keeps every participant anonymous. Even though the records of every transaction are shared across the blockchain network, the identity of the people making those transactions is kept anonymous. You don’t know who made what transaction and from where.

Security

When you make a transaction on the blockchain network, that transaction is completely secure and encrypted. You don’t need to worry about hackers or third parties regulating your transactions. It will go through and the party at the other end will be able to confirm it when it does.

Immutability

One of amazing features of Blockchain technology is it’s immutability to hacking. Rhis is possible because Blockchain does not rely on centralized authorities. Rather, it offers a more transparent system where majority of nodes have to determine the validity of a node before the node is added to the ledger. 

In addition, once a node is added to the Blockchain, it is permanently fixed. No one can go back to alter it hence, it cannot be edited or upgraded in any manner. This feature is one of the features that makes the Blockchain incorruptible

Some cryptocurrencies do not use the Blockchain technology. This is not to say they are not safe or reliable. One thing that can aid your coin and money security is the kind of trading platform you use. Reliable platforms are really essential in ensuring the security of your assets. You can trade here to get the best trading experience and have your security ensured.

Irreversible

Before you send any information or make any transaction on the blockchain network, be sure that all your terms and conditions have been met by the other party. If you initiate a transaction and later find out that you have been cheated, that is the end. Blockchain transactions are irreversible and you cannot change them after completion.

Timestamp

The blockchain digital ledger is very detailed. Aside from recording every transaction the blockchain network, also records the time that the transaction took place. Every blockchain transaction comes with a timestamp and all participants across the network can easily see it.

Programmable

Blockchain technology is programmable. If you have ever heard of the Ethereum smart contract, you will see that blockchain can be programmed to fit any purpose. Dapps, Defi, and other decentralized platforms are perfect examples of how blockchain technology can be programmed.

Summary

Blockchain technology is here to stay and it will only become more relevant in the coming years. People have caught on to the technology and the immense benefits it provides. We are only beginning to scratch the application potentials of blockchain technology and very soon, almost every online platform will be built on blockchain technology.

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