A Look At Blockchain Technology

Blockchains are as fundamentally important as inventions
like iPhone, electricity, etc..

So what is Blockchains?
Let's try to understand this with a simple example:

Consider a special Google spreadsheet which is shared by every computer in the world and is connected to the internet. Every time a transaction happens, it gets recorded onto a row of this spreadsheet.

Anyone with a mobile device or computer can connect via the internet and can access the spreadsheet. Anyone can view and add a transaction to this spreadsheet, but the spreadsheet doesn't allow anyone to edit the information which is already there.

Blockchains are the distributed ledger technology underlying bitcoin and other cryptocurrencies.

Everybody can verify the ledger autonomously.
There is no need for a central entity.
You can easily discover on your own whether someone
tampered with your copy of the ledger.

Source

Why is Blockchain technology important?

Blockchain technology is what gives Bitcoin and other cryptocurrency their power. It’s simply a large database or record of all Bitcoin transactions. The blockchain ledger is incorruptible because it’s distributed between everyone who’s in the blockchain network.

Each transactions on the blockchain has a digital signature. This digital signature includes a public key and a private key. These keys are almost impossible to crack and that’s what gives cryptocurrency their power and beauty.

Blockchain technology will mold our future. It is a much more secure way of holding and storing data, it is decentralized, EMPOWERS USERS, provides high-quality data, creates automation, can create faster transactions, in some cases create immutability or audit trails. This is like the internet of the 90’s and the dot-com era.

Major companies are starting to adopt the Blockchain technology such as Visa. Poor countries are getting over inflation of their local economy using Bitcoin such as Venezuela.

Source

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