Monday, September 10, 2018

A Beginners Guide to Blockchain Technology

What is Blockchain Technology?


Blockchain technology is one of the most promising innovations in cybersecurity. ensures that data is 100% trustworthy. Originating from the mind of an unknown creator using the pseudonymous name, Satoshi Nakamoto, blockchain was initially adopted in 2008 to enable the digital currency, Bitcoin.
Just in case you have never heard of this before, Blockchain is what powers the crypto-currencies, like the Bitcoin. While Bitcoin has been a hotly debated topic around the globe, its widespread popularity has largely been because of its involvement with money. But in case you think that Bitcoin is in itself a revolutionary technology, you are wrong on many levels. Primarily because it is not Bitcoin that translates into a ‘path-breaking technology’ but Blockchain.

In essence, Bitcoin is a very small, but an important application of the Blockchain technology. Bitcoin is not Blockchain. The blockchain is now unveiling its potential to the world, exhibiting promise in many different services and industries.

A blockchain consists of a single block that is replicated and continuously updated across many different computer servers. Because there are many copies of the block, no single party can alter its contents, rather the block must be updated with all servers agreeing on the transaction. This makes fraud nearly impossible and makes a blockchain a secure and transparent method of facilitating online transactions. The data in the blockchain is a collection of all chronological transactions, with no transaction ever forgotten. The copies of the blockchain are stored identically and sequentially on many computers, known as nodes, worldwide. The traffic between nodes is encrypted.
In an interview with the Director of IBM Blockchain Labs, Nitin Gaur gave a description of blockchain technology and its potential: “We are trying to address the problem of time and trust. ...Blockchain to me is the value of back and forth [with] an implied sense of trust ...which enables faster transfer speed.” By building a network that contains trust, blockchain eliminates the need to verify, which facilitates a faster, better and cheaper way to transfer value.

6 comments:

  1. Hi, what a great web blog. I actually usually spend hours on the net reading websites on various subjects. And, I truly would like to praise you for writing such a fabulous article.
    What is Blockchain Technology

    ReplyDelete
  2. A great piece that sheds much needed light on some of the great theoretical/ideological debates in the contemporary crypto space. At CleanApp Foundation, we appreciate the emphasis on pragmatism, and emphasis on Blockchain/DTL/Crypto projects that offer real social utility. Looking forward to engaging more with your crew!

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  3. Blockchain Technologies (blockchaintechnologies.com)
    Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered.
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    ReplyDelete
  4. Blockchain Technologies (blockchaintechnologies.com)
    Blockchain Technologies is a huge static content website that covers practically every single question you might have about blockchain. Additionally, the site also has a news section where stories from the largest cryptocurrency news blogs are gathered.
    I added this site to this list of the 27 best cryptocurrency blogs for three main reasons. The first is that the content is absolutely amazing. It is very obvious that the writer spent A LOT of time researching about cryptocurrencies. Secondly, the UI of the website is astonishing. The colors are very well picked, the site charges in the blink of an eye and it is completely responsive. And finally, although the Blockchain Technologies blog has a couple Ads, it is very clear that the main objective of the site is to inform, and not to just make money with visitors.

    ReplyDelete
  5. great post.. Blockchain technology is one of the most promising innovations in cybersecurity.
    Check out here:
    Blockchain Technology
    What is Blockchain
    History Of Blockchain
    How Blockchain Works






    ReplyDelete

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