The blockchain is an amazing invention: a brainchild of a person or group of people known as Satoshi Nakamoto. But since then it has become something more significant, and the central question that everyone is asking is: What is Blockchain?
By allowing digital data to be distributed but not copied, blockchain technology has created the backbone of a new type of internet. Originally designed for digital currency, the technology of the Bitcoin community (Buy Bitcoin) has now found other potential benefits of the technology.
Bitcoin is called “digital gold” and for a good reason. Currently, the total value of the currency is close to 9 billion US dollars. And blockchains can create other types of numerical values. Just like the Internet (or your car), you don’t need to know how the blocker is using it. However, the basic knowledge of this new technology shows why it is considered revolutionary.
The strength and stability of Blockchain
Blockchain technology is like the Internet with stability integrated. By storing identical blocks of information on your network, blockchain does not:
1. There is no single point of failure.
2. Control of any entity.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has been working without significant interruption. (Until now, all problems related to Bitcoin have been caused by hacking or mismanagement, that is, these problems stem from bad intentions and human errors, not from imperfections of basic concepts).
The internet itself is almost 30 years old. This is a good record for blockchain technology as it is still developing.
Who will use the blockchain?
As a web infrastructure, you don’t need to know the chain of blocks to use in your life.
Currently, finance offers the most influential use cases of the technology. For example, international payments. The World Bank estimates that more than $ 430 billion in remittances were sent in 2015. And currently, there is a high demand for development engineers.
Blockchain will likely reduce intermediaries for this type of transaction. Personal computing became more accessible to the general public with a graphical user interface (GUI) inventory, which formed the “desktop.” Also, the most common GUIs designed for Blockchain are called like this. Wallet applications that people use to buy things with Bitcoin and store it in other cryptoscultures.
Online transactions are closely related to identity verification processes. It’s easy to imagine that portability applications will change in the coming years to include other types of identity management.