With its explosion onto the Internet, blockchain education is something that should interest everyone. We have compiled useful information to get you up to speed quickly. And do not fret, an understanding will suffice, the details are for those who are interested in looking under the technical hood.
In broad terms, a blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but expanded to include virtually any digital item of value.
WAIT – Let’s make that even more simple for you!
- Blockchain resembles a huge, global, decentralized (meaning no one system is the “Central” authority) spreadsheet.
- It keeps track of who sent how many coins/tokens/information sets to whom.
- In the case of Coins/Cryptocurrency, it also tracks the balance of every account involved.
- The information in the system is stored and maintained by thousands of people (miners) across the globe who have “special” software and computers.
- The blocks contained within the blockchain are made up of all the individual transactions made via the system.
- When you access your Cryptocurrency Balances on Ominex.com, or any other Blockchain Crypto Wallet, you are seeing data on the blockchain, not in any one person’s system.
More blockchain education and benefits:
Blockchain is a system that provides extreme accountability.
This results in:
- No more missed or corrupted transactions.
- An end to human or machine errors. No more corrupt or broken databases.
- An end to transactions or exchanges without the consent of the parties involved.
- Blockchain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
The Internet is being made better, safer and more trustworthy by blockchain technology.
Blockchain technology is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since its inception, it has evolved into applications to an assortment of markets.
Blockchain details do not need to be fully understood to be used by us all:
Like the internet or your smartphone, computers, or your car; you do not need to know the details of how blockchain works to use it. However, having a basic knowledge of this new technology helps you to appreciate why it is considered revolutionary.
A distributed database….:
Simply, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that whenever a secured and validated transaction is processed, the network is designed to automatically update this spreadsheet. If you can grasp this concept, you have a basic understanding of blockchain.
Some benefits to this process include:
- Information held on a blockchain exists as a shared, continually validated and reconciled database.
- The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- It is hosted by millions of computers simultaneously, its data is accessible from anywhere on the Internet.
- Ultimate Security and Transparency.
Blockchain education: Durability and robustness
Blockchain technology is robust. By storing blocks of information that are identical across its network it cannot:
- Be controlled by any single entity.
- Has no single point of failure.
- Be corrupted or embezzled.
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption.
Blockchain education on being Transparent and incorruptible
The blockchain network lives in a state of constant consensus. That means, it automatically crosschecks and validates itself every ten minutes. This is a unique automated self-auditing ecosystem and key to the viability of the concept. Each group of these transactions is referred to as a “block”. As a result, here are two important properties created by a blockchain:
- Transparency: Data is embedded within the network as a whole, by definition it is public.
- It cannot be corrupted. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming more so each day.*
*In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
Blockchain details: A network of nodes
A network of computing “nodes” make up a blockchain.
A Node (a computer connected to a blockchain network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon the system joining the blockchain network.
Nodes and their role in the first blockchain example: Bitcoin.
Further, every node is an “administrator” of the blockchain, and joins the network voluntarily. However, each one has an incentive for participating in the network, that is, the chance of winning Bitcoins (competing to solve and be verified as the solution for a transaction), and then creating the “minted” blockchain of information The host Node is then rewarded specific amount of bitcoins for the completed block in the blockchain.
The Internet was once just a way to share email and information. But, it eventually grew into a massive commerce platform, creating jobs, and revolutionizing industry. As a result of blockchain applications it is happening again; evolving to the next level of technology based on decentralized solutions.
In addition, there are an ever growing number of Bitcoin-like cryptocurrencies (exchangeable value tokens) available. There is also a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Because there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future.
Blockchain details: The idea of decentralization
Blockchain is a decentralized technology meaning the computing horsepower, information, nor control is not all concentrated in one place.
As a result, this technology, it has some unique implications for commerce:
- By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
- Cryptocurrency and ICO/Token trades become almost instantaneous on the blockchain. This capability underpins a Global trading economy operating 24/7/365 with no market opening or closing. It’s truly Global.
- Vital record keeping, like a land registry, can now be fully public.
- A global network of system using peer-to-peer computing powers blockchain technology to jointly manage the database that records the transactions. Information up-to-date and available at all times on the network.
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