THINGS ABOUT BLOCKCHAIN YOU FELT TOO EMBARRASSED TO ASK

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Introduction

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This post seeks to address some questions going through the minds of people who are not familiar with what blockchain and bitcoin is.

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I've been hearing a lot lately about bitcoin and blockchain. What’s it all about?

Bitcoin is a form of digital/crypto currency used for transaction between users. It was invented Satoshi Nakamoto in 2009. It's been making massive waves in the world and in the news following 2017 massive spike and the recent talks on regulation

Blockchain on the hand, is the technology behind the famous bitcoin. It is a powerful technology set to revolutionize the globe in several areas other than cryptocurrency. It has been gaining increased adoption in business e.g walmart, heath care etc

See previous post 3 real world application for blockchain

But what is blockchain?

Blockchain is a universal ledger like your accounting book that keeps records of all transactions

Everything we like purchasing a house, use of public transport, using a credit card, they all involves the creation and movement of data. That's the blockchain can come in

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Why does the current way of storing information need revolutionizing? And What’s wrong with the current way?

At the moment, the current way in which we store data, in libraries, private server or in the cloud server. The current way of storing information is like a house, very possible to break in. They are good quite alright but they are vulnerable to attack. That's where the blockchain comes in.

Blockchain could stop all that?

Yes. Unlike the current way of storing information, The blockchain provides a more secured option. It is like a fortress, nearly impossible to break into. What the blockchain technology basically does, is to breaks data stored in database into a million pieces, then spread it across several thousands of computers. So Instead of breaking into a house, in the blockchain, you now have to break into an entire town. Which is almost impossible.

Who is Satoshi? He really sound smart

Satoshi Nakamoto, He's the guru behind the famous bitcoin. Satoshi’s identity has always been unknown. No one knows he's whereabout and who he his. After his creation of bitcoin and writing of the blockchain, he is said to have vanished and ever since no news about him.

Over the years, people have claimed to be him, but none has really checked out or proved worthy. It also speculated that the name Satoshi Nakamoto may be a name of group of people,like a form of movement or something. One fact that looks true however is, His he emerged out from a movement known as the cypherpunks, a community of cryptographers and programmers. Other members of the group included Julian Assange of Wiki leaks, Jacob Applebaum developer of Anonymous web browser "Tor" and Bram Cohen of BitTorrent

So where are we going from here?

With time, blockchain will gain the much needed adoption and be become a sort of gold standard—for data security and payment settlement. Some banks are already considering building their own private blockchains for this purpose. See here and here

Also, Blockchain will be used to capture identity and secure contracts sometime in future. It's the certainly the future

See previous post 3 real world application for blockchain

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Conclusion

With time the government,banks, organizations and institutions will have to incorporate the use of blockchain.

Blockchain is the future, getting the much needed a adoption may not be easy, may take more time, experience a bumpy ride, but soon it will get out there.

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