Technology like the Internet because it blockchain have a powerful built. By storing the same information block on its network, blockchain impossible:
Being controlled by any one entity does
not have shortcomings, single error.
Bitcoin was released in 2008, since then, Bitcoin is operated blockchain, operating without significant interruption. To this, any problem related to Bitcoin is due to hacking or mismanagement. In other words, these problems come from bad intentions and human error, not the flaws of Bitcoin itself.
The Internet has proven to be reliable in almost 30 years. This is good for a track record of technology blockchain as it continues to be developed.
Transparent and can not be broken
Blockchain networks exist in the status of the agreement, automatically check every 10 minutes. A kind of self-control ecosystem digital value, the network will air every transaction that occurs in about 10 minutes. Each transaction groups are called blocks. Two important characteristics to be drawn from this:
Transparency: Data embedded in the network as a bloc, openly.
It can not be broken: When you change any information on units blockchain means using a large computer to overwrite the entire network.
In theory, this could happen. In fact, it did not happen. For example, the control system to take Bitcoin will cause its value is destroyed.
A network of nodes
A network of compute nodes forming blockchain. Buttons here are computers connected to the network blockchain, use the client to perform the task confirmation and forward transactions. Button will receive a copy of blockchain, loaded automatically when participating blockchain.
These buttons together to create a strong supply network 2, a completely different perspective of how the Internet can operate. Each node is an “administrator” of the network blockchain and automatically join the network, the motivation for this involvement is the chance to win a Bitcoin.
Also known as the peach button Bitcoin, but this term has little confused. In fact, everyone is competing for Bitcoins by solving the puzzles. Bitcoin is the “raison d’être” of blockchain since it was formed. Bitcoin is only recognized as a very small part of the potential of technology blockchain.
700 digital currency Bitcoin is similar, there are also many variations of the original concept blockchain currently operating or under development.
The idea of decentralization
By design, blockchain a decentralized technology. Whatever happened on that are functions of the network. Some important suggestions derived from this. Thanks to create new ways to confirm the transaction which the commercial aspects of tradition can become unnecessary. Such as those traded on the stock market can perform simultaneously on blockchain, or can store documents like the red book, totally public. And decentralization has become a reality.
Global computer networks use technology to the management blockchain database, records of Bitcoin transactions. Ie, Bitcoin is managed by its network and no one is the center of both. Decentralization means the network operates on the basis of user or P2P. The collective forms of cooperation can be done just beginning to be studied.
Thanks to data storage on your network, blockchain eliminate risks associated with data to be centrally organized. Its network has no vulnerable points. Meanwhile, the issue of security over the Internet, is becoming increasingly complex. We all rely on the system username / password to protect their identity and their assets on the network, but the system still more likely broken. Privacy blockchain method uses encryption technology with the key pair public / private. The public key (a long string of random numbers) is the address of a user on blockchain. Bitcoin sent over the network will be noted that the address belongs. Private courses like passwords, allows owners access to Bitcoin or other digital assets. Storing data on blockchain and it will not be damaged. This is true,
Blockchain can be used where?
This list is taken from the article “What is Blockchain Technology? A Step-by-Step Guide For Beginners” on blockgeeks.com, I have omitted some as too long and confusing, here’s what remains:
the split ledger that allows encryption of simple contract, will be executed when certain conditions are met. Ethereum is an open source project blockchain, built specifically to meet this requirement. However, in the early stages of development, Ethereum have the potential to take advantage of blockchain on a larger scale as th