Since you are here, you want to learn more about what is Blockchain and go beyond the global “understanding” of it. Blockchain technology becomes more and more popular every single day. It has entered all the continents in the world. More countries are approaching it for adoption, which increases the social impact of Blockchain every single day.
Who among us has not heard about the bitcoin currency that appeared recently! Bitcoin suddenly came to light without warning like a slap in the face of everyone and it changed everything, maybe you were one of the smart people at that time who decided to go on this adventure and bought some Bitcoins that were cheap at the time. Then one day the price increased insanely and you made big profits on the difference?
Or maybe you decided not to believe the whole story and that it is a strange fashion that is no more than a new fabricated fraud to steal people’s money. So, you decided to stand by and watch the course of events to say later, “I wish I had invested very little.”
Maybe we should thank bitcoin and blockchain for that because it’s one of the very modern technologies that will fundamentally change our lives. So, let’s ask some questions and try to answer them together to uncover some puzzles about what is blockchain.
What is Blockchain?
Blockchain technology is a type of new database, in other words, it is a distributed database, and it is characterized by that it can manage an infinite number of data, it is an electronic record that records and manages transactions and deals.
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Each transaction is called a block, and each block contains some information that indicates the previous block. Therefore, they describe it as a series of consecutive blocks, and it is not modified by any party, when the data is entered and recorded we do not need the presence of a third party; that is, it is faster in processing and storing data, and this technology can make any kind of conversions that you think of, starting with Transferring funds into goods and property transfers, and their uses are unlimited, the updated version of bitcoin revolution can completely change the bitcoin market.
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In a world full of hackers and data thieves , especially after the big event by hacking 50 million electronic Facebook accounts , we must seriously think about how we protect our data, and it appears that one of the most important benefits of blockchain is security and high reliability, since the data that is transferred using blockchain is encrypted. Before sending it or moving it from one place to another, it is safer than regular protection like password and username.
Decentralization of the Blockchain Technology
Blockchain is characterized by decentralization, i.e. most blockchain operations depend on buying, selling, trading, and other transfers on a set of pre-defined conditions between the parties, and are not subject to any kind of control, and there is no need for any medium, it is a completely digital process and is visible to everyone, it is Transparent records that anyone can see.
Speed and Effectiveness
Entering data manually is a very boring and error-prone process. Think about it. How many typos do you usually make when writing an email, especially when it’s an official mail for your college professor or boss? It’ll be awkward for you, right?
But when the topic becomes more sensitive like employee salaries, hours of work, or hospital data, it becomes a little complicated. Don’t you think? Reviewing separate records may take a lot of time.
What is the Use of Blockchain?
One of the most popular blockchain applications is cryptocurrencies such as bitcoin, litecoin, ethereum, and ripple. Although cryptocurrency may have been credited with uncovering Blockchain technology at first, it is a form of digital money to obtain a high level of security and reliability. The purpose of cryptocurrencies is for use in our daily financial transactions so that it is difficult to manipulate and counterfeit.
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With smart contracts, you can automatically pay your electricity bill once your electricity consumption reaches a certain amount, and the transaction will be sent safely to the respective Blockchain business to verify the process using what is blockchain today. Say goodbye to late fees and remember periodic billing dates. People have terribly attached to smart contracts.
Although we rely very little on smart contracts today, it is expected that the demand for this particular service will increase due to the increase in the volume of trade using digital currencies all over the world.