Blockchain is a unique invention: the brainchild of a person or group of people known as Satoshi Nakamoto. But since then it has evolved into something more significant, and the main question everyone is asking is: what is Blockchain?
By allowing digital data to be distributed but not copied, blockchain technology has laid the foundation for a new type of Internet. Originally developed for digital currency, the Bitcoin (Buy Bitcoin) community technology now finds other potential benefits of the technology.
Bitcoin is called “digital gold” and for good reason. So far the total value of the currency is close to $ 9 billion. And blockchains can create other types of numeric values. Like the Internet (or your car), you don’t need to know how a blocker uses it. However, basic knowledge of this new technology demonstrates why it is considered revolutionary.
Blockchain Durability and reliability
Blockchain technology is similar to the Internet with integrated reliability. By keeping the same information blocks in your network, the blockchain cannot:
1. Has no single point of failure.
2. Control any individual entity.
Bitcoin was invented in 2008. Since then, the bitcoin blockchain has worked without significant disruptions. (So far, all bitcoin-related problems are caused by hacking or mismanagement, in other words, these problems are due to malicious intent and human error, not due to imperfections in basic concepts).
The Internet itself is almost 30 years old. This is a record that is good for blockchain technology because it is still evolving.
Who will use the blockchain?
As a web infrastructure, you don’t need to know a chain of blocks to be useful in your life.
Currently, finance offers the most influential uses of technology. For example, international settlements. The World Bank estimates that more than $ 430 billion in remittances were disbursed in 2015. And so far there is a great demand for development engineers.
Blockchain potentially reduces the number of intermediaries for this type of transaction. Personal computers have become more accessible to the general public thanks to an inventory of the graphical user interface (GUI) that has formed the “desktop”. Also, the most common GUIs developed for Blockchain are called so. Wallet apps used by people to buy things for bitcoin and store them in other cryptocurrencies.
Online transactions are closely linked to identity verification processes. It is easy to imagine that in the coming years portability applications will change to include other types of authentication management.