For the past 7 years, the internet has been playing an important role in our daily lifestyle. Throughout its development, new technologies like transferring resources online have been safer and faster. So in this article, we are going to break down for you what is blockchain, how it works and what are its benefits.
Blockchain 2018- The Revolution Behind The Rise Of Internet
What is Blockchain:
The Blockchain is a worldwide database which belongs to you, me and others. It does not belong to anybody, it only takes you a good internet connection to access it. Blockchain technology is the newest invention that lets you distribute digital information via a secured network. This includes the bookkeeping for all cryptocurrency transactions.
Research revealed that blockchain is the most impactful finding ever discovered in the history of science and industry. It lets you participate in tracking digital currencies such as bitcoin. The blockchain is a decentralized ledger which controls a transaction done between a peer to peer network. In general, this technology allows you to move your digital assets or coins from you to another individual.
How blockchain can be used
Blockchain involves all partners and businesses throughout a secured network that synchronizes all the transactions. Each transaction it generates is put into a block, and each block gets connected to a permanent database once completed. Anytime a block is finalized, a new block is automatically generated. This makes the block transactions undetectable.
The same blocks are recorded and added via cryptography, making them meddle-proof: allowing the distribution of data, but not copied. This makes the blockchain ideal for mining, refining, and distributing valuable goods. With blockchain, you can trace any digital asset from one platform to the hand of the buyer or consumer. Besides that, this new technology works with all type of transactions.
The blockchain is distributed, it’s permitted and secured. Because of the distribution, it involves many people connected to a network during a transaction process allowing them all to have access to the piece of details. It works as a network of computers, where all the users have approval transaction before the deal is recorded.
Benefits and impacts of blockchain
Let’s assume you want to transfer $ 200,000 to another account. The bank will be the middleman, you will have to pay a certain amount of fees maybe 5% based on the banks and their policies, and the transfer can take up to 3 days. With blockchain, there is no middleman (bank), the tax or fees is much lower than the bank charges, and the transaction is done instantly. It could impact the world by revolutionizing the world economy by keeping its cryptography secured to track of all types of transactions and interactions.