How much you know about Blockchain?
Bitcoin hit US$7400 a few days ago when one of the financial sector in US is planning to set Bitcoin as one of the commodities to be bought and sold in the exchange! It was an quite exciting news as Bitcoin is one step nearer to be legalized!
May be it is the right timing to let your friends, famaly member to touch on it. However you and I may not able to explained it thoroughly as it was quite complex to be explained.
Today, I gonna bring you guys to see how to explain blockchain to others' by go through its' characteristic!
The Characteristic of Blockchain
Decentralization
Decentralization, the main characteristic of blockchain. Decentralized means the transaction of money can be occurred without the involvement of third party as the "trusted party". As an example, when A wants to pay B by cheque, bank was involved and charged the both parties to guarantee the transaction to be occurred.
With blockchain, A can pay B without the involvement of third party securely. Party B can always easily check the transaction of party A with the open data on blockchain!And the transaction cost will be totally eliminated! Furthermore, the blockchain also eliminates the risks that come with data being held centrally by storing data across its network. In other words, privacy of party A and B will be covered！
The safety of blockchain and Public ledger
In the world of blockchain, each of us is maintaining a ledger together. When someone wants to modify or add in the data in blockchain , he will definitely failed to do so as the data will always followed the major. So if he wants to successfully modify the data, he has to hack in the computer all around the world to change it (it is impossible to hack in pc all around the world! Lol)
In other words, the data is impossible to be change and the safety of our money is highly secured!
Ok, that's all for today!
Hi @incrediblesnow,
Congrats! Your post has been featured in The Daily Qurator #57. I hope you like it!
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Dr. TLK :D
Thanks! But what does this means? I will get upvoted?
You are welcome! This means more people will see your post.
But you should get upvoted automatically, everyday. If you don't, update your post.
Oh I see.
How to update my post?
Go to your post, press edit. You don't need to change anything. then press update post. you should get upvoted soon after.
Ok,Thanks!
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