What is Blockchain Technology?
Posted: Nov 19, 2019
The Bitcoin Network is the first successful implementation of Blockchain Technology.
The term "Blockchain Technology" is typically refers to the transparent, trust less, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption, and proof of work methods.
This technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. The larger the network grows and becomes increasingly decentralized, and the more secure it becomes.
The potential for this technology is not limited to bitcoin. As such, it has gained a lot of attentions in a variety of industries including: financial services, charities, and nonprofits, the arts, e-commerce and many other. Blockchain are a new technology. Blockchain Technology enable fully decentralized databases, resistant to censorship and potentially allowing for system adoption in critical applications like money and identity.
In the simplest of terms a Blockchain is a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data are secured and bound to each other using cryptographic principles. So, what is so special about Blockchain and why are we saying that it has industry disrupting capabilities? The Blockchain technology network has no central authority — it is the very definition of a democratized system. It is a shared and immutable ledger, the information in it is open for anyone and everyone.
Hence, anything that is built on the Blockchain technology is by its very nature transparent and everyone involved is accountable for their actions.
Blockchain Technology is an open and distributed ledger, notorious for its secured design, decentralized consensus, and modified-resistance blocks. It isdesigned to lower the financial business cost, reduce the frequency of transaction settlement and improve cash flow backed up by transparent records/data. As peer-to-peer network manages it, it has a strict protocol for inter-node communication and new block validation process.
Getting involved in Blockchain Technology was a no-brainer, it is on the bleeding edge and hot.
Blockchain data, like the new cryptocurrency Bitcoin, is a secure method that will continue to grow in popularity and use in 2019. This allows you to input additional data without changing, replacing, or deleting anything.
Blockchain is the technology that maintains the transaction ledger for Bitcoin transactions.
This offers a greater level of security to the individual user as it removes the need for weak and easily compromised passwords and online identities.
The authority of many parties keeps the data accounted for without turning over too much responsibility to certain employees or management staff. For transaction purposes, blockchain technology offers a safe and straightforward way to do business with suppliers and customers. Private data is particularly secure with blockchain systems, and the medical and information technology industries can benefit equally from added protection.Why is it Called "Blockchain"?
Blockchain owes its name because of its nature of how it works and the manner in which it stores data, namely that the information is packaged into blocks, which link to form a chain with other blocks of similar information.
It is this act of linking blocks into a chain that makes the information stored on a blockchain so trustworthy. Once the data is recorded in a block it cannot be altered without having to change every block that came after it, making it impossible to do so without it being seen by the other participants on the network.Can a Blockchain be hacked?
While the details will vary between Blockchain protocols, the core of the technology is that it is the core of the technology is that it is a decentralized digital ledger of transactions.. These transactions are verified in whatever way is deemed appropriate for the particular Blockchain application.
Blockchain technology is, in fact, a group of other different technologies that can be used together in different ways to create end results or applications. It’s open code and can be infinitely customized. This is most commonly achieved by either a ‘proof of work’ or ‘proof of stake’ process.The 3 properties of Blockchain which has helped it gain widespread acclaim are as follows:
Decentralization is a practical approach when different departments in a company have different IT needs and strategies this allows each business unit to choose hardware and software based on its particular needs. Example: Decentralized IT Organizational Structure
The decentralized nature of Blockchain means that it doesn't rely on a central point of control. A lack of a single authority makes the system fairer and considerably more secure. It is a ledger of information it is extremely important that the information being stored is honest and accurate.
The major benefits of blockchain technology is its transparency. The transparency of a blockchain stems from the fact that the holdings and transactions of each public address are open to viewing.
It is in this way that blockchain technology gives large businesses a platform to act with genuine integrity towards their community and customers.
Blockchain is designed to be immutable. When a piece of information goes in there, you can depend on it will never change.The trusted nature of blockchain is one of its best pieces. You can believe that data on the blockchain is legitimate. Immutability can be defined as the ability of a blockchain ledger to remain unchanged, unaltered and indelible. More succinctly, data in the blockchain cannot be altered. Each block of information, such as facts or transaction details, proceed using a cryptographic principle or a hash value.
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