Blockchain is a unique invention: the brainchild of a man or group of men known as Satoshi Nakamoto. But it has since evolved into something more significant, and the big question everyone is asking is: What is Blockchain?
By allowing digital data to be distributed but not copied, blockchain technology has created the foundation for a new kind of Internet. Originally developed for digital currency, the technology of the Bitcoin community (Buy Bitcoin) is now finding other potential benefits for the technology.
Bitcoin is called “digital gold” and for good reason. So far, the total value of the currency is about 9 billion US dollars. And blockchains can create other types of numerical values. Like the Internet (or your car), you don’t need to know how the blocker is using it. However, the basics of this new technology demonstrate why it is considered revolutionary.
Durability and reliability of the blockchain
Blockchain technology is similar to the Internet to integrate its strength. By storing identical blocks of information across your network, a blockchain cannot:
1. Has no single point of failure.
2. To be controlled by any individual entity.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has operated without significant disruption. (So far, all the problems associated with Bitcoin have been caused by hacking or mismanagement, in other words, these problems arise from bad intentions and human error, not from the imperfection of the underlying concepts).
The Internet itself is almost 30 years old. This is a record that is good for blockchain technology because it is still developing.
Who will use the blockchain?
As a web infrastructure, you don’t need to know blockchain to be useful in your life.
Finance currently offers the most impactful use cases for technology. For example, international payments. The World Bank estimates that more than $430 billion in remittances were sent in 2015. And now there is a huge demand for development engineers.
Blockchain potentially cuts out the number of middlemen for this type of transaction. Personal computing became more accessible to the general public with the invention of the graphical user interface (GUI) that shaped the “desktop”. Also, the most common GUIs designed for Blockchain are named as follows. Wallet apps that people use to buy things with bitcoins and store them in other cryptocurrencies.
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.