1. Introduction
There are many ways to explain the blockchain technology, but the most basic one is to say that it’s a digital ledger of transactions. The transaction record in the ledger by everyone involved. You could even say that it’s a record of all the interactions between people. This ensures that no single party can manipulate or alter the blockchain with their own intention.
In other words, you can think of this as a distributed database where everybody participates in the consensus process. For example, when you buy something online or when you pay your car payment online, your transaction is recorded in this database as well as everybody else involved.
Blockchain technology allows us to build trust among people and companies because we can choose to put trust on a third party instead of trusting yourself alone. This is applicable for any kind of business transactions like buying property, stocks, cars, etc. It also has applications for politics and other important issues that need to be addressed with great precision and credibility (e.g., elections).
2. How blockchain technology works
Blockchain is a technology that has the potential to revolutionize many industries, including finance, banking and insurance. It’s a decentralized ledger (a record of transactions that we keep on computers or other devices) where all parties need to agree before it update.
When we talk about blockchain technology, the last thing we usually think about is the cryptographic-based security that creates such great fit for this technology. In fact, many people still flummox when it comes to how exactly it works and what are its benefits.
But as you may have realized from reading this article, there are quite a few things that we need to know if we want to understand how exactly blockchain technology works. And for this reason, I will show you through various examples how blockchain technology works in different areas such as finance, banking and insurance.
3. Different types of blockchain
Blockchain is a distribute database that is completely decentralized; which ensures the secureness of data.
Blockchain: A technology that allows secure and autonomous transactions without any intermediaries and without the need for middlemen.
In many cases, blockchain technology is use for ways to transfer money to people in a secured way; as easy as when you transfer files online. But in other fields, blockchain technology has been used for more practical reasons like exchange of digital assets (coins or tokens) between two parties.
In the cryptocurrency world, Bitcoin Blockchain is the infrastructure that enables transactions. These transactions that we record on a public ledger called “Blockchain” by its users who we know as “Miner”. Once a transaction has been verified, it’s added to the Blockchain and becomes part of history forever.
4. Blockchain future
Blockchain — the technology that allows cryptocurrencies and other digital assets to transfer across the internet without a central authority.
With the blockchain technologies are growing in popularity as more and more people start to realize that they can help bring down their over-complicated lives and make them simpler, safer, and more efficient with just a few clicks on their computer screens.
Blockchain technology that we use in the following fields:
1. Cryptocurrency (Bitcoin)
2. Digital asset management (Blockchain)
3. Cryptocurrency distribution (Bitcoin mining)
4. Cryptocurrency exchange (Bitcoin blockchain)
5. Crypto-currencies (Ethereum, Monero, etc.)
5. Conclusion
It is important that people understand that blockchain technology can use to secure data and make it more accessible.
Blockchain technology is a decentralized; open source system that allows anyone to create and publish their own digital currency on an open network.
The blockchain is a public ledger where transactions record. This ledger share by all members of the network; with each member recording every transaction that occurs in the system.
By creating all transactions on a public ledger; blockchain technology makes it possible for anyone to view the history of all transactions in a specific ecosystem.
Blockchain technology get proof effective in the cryptocurrency markets, allowing for higher levels of security and transparency for users. This get proof through the use of smart contracts and smart contracts systems.