Blockchain technology is like the internet in that it has a built-in sturdiness. By storing blocks details that are identical across its network, the blockchain cannot:
- Be manipulated by any single entity.
- Does not have single point of failure.
Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without important interruption. (To date, any of problems associated with Bitcoin have been due to hacking or mismanagement. Inside other words, these problems are derived from bad intention and human error, not imperfections in the underlying principles.)
It will be an understatement to say that the Blockchain Technology any of the most innovations of this century. Whenever we think of it, we automatically associate with the cryptocurrencies, and primarily bitcoin. Yet , that notion is changing at a rapid rate. More and more people are seeing that the decentralization and openness that will come by using the blockchain technology has the potential to shake multiple industries to its very core. This particular article explores different blockchain applications.
The Thought of Decentralization
By design, the blockchain is a decentralized technology.
Anything that happens into it is a functionality of the network as a whole. Some important implications stem from this. By creating a new way to verify dealings aspects of traditional trade could become unnecessary. Stock market trades become almost simultaneous on the blockchain, for instance or it could make types of record keeping, like a land registry, completely public. And decentralization is already a reality.
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References are made wherever possible. All statements derive from the author’s experiences. I take pride in informing the public and helping as many as I can through sharing my activities with my readers. Of which said, no one except you can take responsibility for your investment decisions, techniques think it through before investing.
With the current merciless run of the bull market, it is merely a few time before your crypto holdings surge in value. When it really does, like it or not, crypto will unavoidably receive much-unsolicited interest from cyber-terrorist. Never to repeat the terrible Mt. Gox incident, holders are removing cryptocurrency from the exchange and decentralizing their storage.
What exactly is Blockchain Technology?
‘The blockchain is an incorruptible electronic ledger of economical purchases that may be programmed to record not simply financial transactions but nearly everything of benefit.’
Don plus Alex Tapscott, authors Blockchain Revolution (2016)