How To Develop A Blockchain Application

Bitcoin is the first decentralized currency in the world and it attracts more and more attention over the last couple of years. Bitcoin functions with the help of blockchain technology, which itself bases on the chain of transactions blocks. The information about those transactions updates at all devices in the world simultaneously.

The experts predict blockchain big and bright future — the technology that ensures that the authenticity of transactions can only be confirmed by the parties involved, without any middlemen or regulating parties, can confirm land and diamonds property rights and organize the communication of “smart” electronic devices.

Despite the fact that not long time ago Bitcoin was beating all anti-records and the wide use of it in the worldwide trading is still in the distant future, blockchain is gaining more and more attention from biggest banks, techno-corporations, governments and venture investors. It was in November 2015 that the combined investments in blockchain projects and Bitcoin have passed the 1$ billion mark.

Although in its early days blockchain was only attractive as a base for stable functioning of every cryptocurrency, today’s researches and new technologies tell us a completely different story: this database can be used almost everywhere, there are social networks, helpful projects of all sorts and even bank services functioning with help of block data keeping system.

It surely isn’t the limit, blockchain’s future looks bright and huge. And that future is something that a lot of people could be afraid of: blockchain can easily replace a lot of bureaucracy system workers, who are only needed to work with databases. At current rate soon comes the day when we won’t even need the people for maintaining the databases and keeping track of statistics — distributed database will be capable of maintaining itself.

So, now we know a little more about what exactly blockchain is. Now let’s get a little bit more information about Bitcoins.

The algorithm’s developer is Satoshi Nakamoto, he has suggested the electronic payment system which bases on mathematical calculations. The point of his idea was to execute the coin exchange without any sort of centralized power, electronically, more or less instantly and with tiniest delays.

“How To Develop A Blockchain Application” @octodev_net https://medium.com/swlh/how-to-develop-a-blockchain-application-185bf8b7e7eb