A database dispersed
Imagine a spreadsheet are duplicated thousands of times through the computer network, this network is designed to regularly update the spreadsheet that you have understand basic blockchain.
Information is organized on a blockchain exist as the database is shared and continuous integration. Here’s how to use the network with obvious benefits. Database blockchain not only stored in one location, which means that the records are stored openly, easily verifiable. No one focused version of the database does exist, so the hacker did not have a chance to attack it. Blockchain hosted by millions of computers simultaneously, its data can be accessed by anyone on the Internet.
Blockchain like Google Docs
How to share documents while collaborating normal Microsoft Word document is sent to another person via email and ask them to fix it. The problem in this case is that you need to wait until it receives a backup is sent back to be able to see or make other changes, as has locked access to edit until collaborators your complete the edit. That’s how the current database is active. Two owners can not edit a record at the same time. That is how the banks to maintain the balance and the transfers, they quickly lock access (in balance) while initiating the transfer, and then update your account and reopen access (or refresh). With Google Docs, on the other, both sides have access simultaneously to the same document and the only version of the document is always displayed for both. It’s like ledger is shared, but it is a shared document. Part dispersed only when share related to some people.
Abridged from reviews of William Mougayar, venture advisor, 4x traders, marketers, specialists and experts blockchain strategy.
Blockchain like Google Docs / Sheets
Sustainability of blockchain
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
Network blockchain 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: The data is 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 node
of 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.
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 be done simultaneously