Here I will try to explain Blockchain in a simplified way. This will soon explode and everyone will need to know something about this new and Amazing technology. Here you will find some information that will help you understand this much better. Just keep an open mind and you can always read this over and over again.
This is a tidbit of blockchain technology. We now know that blockchain contains transactions of economic value all in a digital ledger that will not be corrupt. It can be programmed to record not only financial, but almost everything that has value. With Blockchain simplified you will understand this much better.
Explained even better:
- Blockchain means that no one system is in authority.
- It tracks every movement of coins/tokens/information going from who sent them to who receives them.
- In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
- Highly powered and greatly configured computers are used by people who are mining all over the world that store and maintain order.
- The blocks within the blockchain are made up of all the individual transactions sent and received through the blockchain. In other words, from all Crypto Wallets.
- When you access your Cryptocurrency Balances from any Wallet you can view your transactions on various other specific sources. And you are seeing data on the blockchain, not in any one personal system.
Blockchain Simplified and Benefits for everyone:
Blockchain is a system (decentralized) to bring everyone to the highest degree of accountability. Resulting in:
- No more missing or corrupt transactions.
- An end to human or machine errors. No more corrupt or broken databases.
- An end to transactions or exchanges made in error without the consent of all parties.
- The blockchain guarantees the logic of a transaction by recording it. Not only on a main register but on a network that connects and distributes to registers. All of which connect through a secure validation protocol.
Evolution of the internet – much better – truly safer – real truth. That is what we can call Blockchain technology.
The blockchain is an incredible invention by a group of people or person known by the fictitious name, Satoshi Nakamoto. But since it began, my goodness, has it been evolving and becoming something HUGE. But everyone just wants to know, What is Blockchain? Well we are here to help you with that.
As a result, details to what blockchain is will become more clear. Due to digital information on blockchain which allows it to be distributed but not copied. It creates an endless and constantly update and accessible database. Hence, blockchain technology creates the backbone of a new type of internet. Since this made the internet evolve, it is better for everyone globally. It was thought of at first for the digital currency, Bitcoin, now we know that this technology can be used for other things as well. Remember when the Internet changed everything for the better, so now blockchain tech will do the same.
Since the creation of Blockchain and recent proof of Bitcoin; Bitcoin is being called digital gold. It is so valuable right now and it just seems that it will not be stopping anytime soon. And blockchains can also make other types of digital value.
It is like everything else that you try for the first time. You don’t know until you have it. And you learn to use it. But if you have a bit of knowledge, you will understand it much better and everything will seem more clear. That is my job today, to help you understand it.
Blockchain simplified further:
This is like having a spreadsheet that many networks of computers use thousands of times. And when something is updated, this spreadsheet is also updated. This is basically how blockchain works. Some benefits to this process and function include:
- Blockchain is a shared database, and it validates and reconciles again and again.
- The database is public and all records that go through you can easily verify.
- No hacker can get into it. Because there is no central version anywhere.
- Anyone can access the information on the internet. Millions of computers work at the same time.
- The best part is its Security and Transparency. Just plain Truth.
History of its Invention / Creation:
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has had no significant disruption. As far as we know, any problem that has arisen with Bitcoin have been due to hacking or mismanagement. In other words, bad intentions and human error.
The Internet has been around for over 40 years. That’s great news for the blockchain technology, since it is still being developed. And will be good for solutions to our Global Community.
Blockchain is Transparent and Incorruptible
Every ten minutes, blockchain networks automatically checks in with itself. It’s like a self audit of the digital value. Therefore, reconciles every transaction in ten-minute intervals. Each group is a “block”. As a result, here are two important properties that blockchain creates:
- Transparency data is embedded within the network as a whole, it is public.
- It cannot be corrupted. To alter any unit of information on the blockchain it would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.
So to say, this could be possible but unlikely. Like using the system to enrich yourself with Bitcoin, but doing so would decrease it’s value.
When the internet first started it was basically only for email and information sharing. It soon revolutionized the industry which became a huge platform for business, work and much much more. With Blockchain technology it is following on the same path. This time it will be a technology of decentralized solutions, but more secure.
The growing of Bitcoin-like cryptocurrencies meaning exchangeable value tokens. Is making possible other ways in which this new technology can be used. Because it is safer, gives a faster solution and will be used by all every day for every transaction. Welcome to the future of Blockchain Technology!!!
Blockchain simplified: The idea of decentralization
Some benefits of decentralized blockchain are being used right now to make every transaction more reliable:
- By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
- Cryptocurrency and ICO/Token trades happen at the same time. Making it a Worldwide economy of trade that can run 24/7/365. And never closes.
- Everything like vital record keeping and land registry will be totally 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.
A network manages this technology and not just one entity. Therefore, you can say that Decentralization is a network run by user to user and peer to peer basis. Creating a Truth and a more Honest way of executing transactions.
Who will use this blockchain technology?
Now you do not need to understand blockchain to use it. It will make your life easier, like when you first had a computer. Remember at first no idea how exactly it was going to work for you, but with time you begin to understand. Same here with blockchain same process. Just keep an open mind and be part of the future.
Currently, with international money transfers of over $430 billion in 2015, this technology will not slow down. As a matter of fact, jobs and careers will be in demand for developers of blockchain. Virtually everything will be using blockchain.
First of all, no middleman for any transaction. Which creates a new method to generate and be part of a higher monetary gain. Secondly, the financial sector with blockchain cryptocurrencies is available to the public because of the invention of the Wallet application. What exactly is a wallet? The wallet is what holds all of your Bitcoin and all other types of cryptocurrencies, so you can store and access when you need them.
Blockchain simplified: About enhanced security
The security part of blockchain is much more secure. Because you eliminate all risks that are in the data at every central area or computer. This way it is safer so hackers, if they get in, will not be able to hack. In today’s world we rely on user password combo to keep our identity safe. With blockchain, encryption tech is there to protect everything we do on the internet.
This method of encryption is known as public and private keys. The public key is like your username and the private key is like your password. This will keep your Bitcoin and any other type of cryptocurrency safe for when you need it. Your data in the blockchain will not be corrupt. As long as you keep your private key safe. You can print out your information or use a cold storage solution like a Trezor. Which keeps your private key in a safe location for when you need it. It also has secure recovery points. Sold at various places.
Do you feel left out? Don’t, there are other ways to start on your way.
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I know that this is a lot of information to absorb, but it is worth starting. So bookmark and come back often for more information, or to go over this again. Sometimes when you read it the second or third time you will capture something new each time.
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