The Basic Knowledge about Blockchain Technology You Should Know
What is Blockchain Technology? Based on Don and Alex Tapscott, the authors of Blockchain Revolution, 2016, he says that it is an incorruptible digital ledger of economical deal that can be programmed to record not just financial deal but virtually everything of value. However, a blockchain is an originally block chain and it is a continuously developing list of records, then it names as blocks. The blocks can be linked and secured using cryptography. It has functions as distributed ledger which can record deal between two companies efficiently and in a confirmable and permanent way.
Is this technology the new Internet? Actually, Satoshi Nakamoto is a pseudonym name who builds the brainchild of a person or group of this technology. It is true that Blockchain is not as popular as today, but it becomes something greater than you imagine in the future. Amazingly, the Blockchain Technology allows the digital information to be distributed but not copied. It creates the backbone of a new type of Internet. Today, it devises for the Bitcoin or digital currency.
You should familiar with a Bitcoin. Bravely, Bitcoin is like digital gold and has total value of the currency almost to $9 billion US. Actually, you do not need to know how this new technology works to use it. Thus, to know the basic information about Blockchain is important thing. Thus, this following information may help you to know more about Blcokchain.
Blockchain Technology Can Distribute Database
It may similar like Internet technology where picture a spreadsheet can be duplicated thousands times across a network of the computers. Then, the network may regularly update this spreadsheet and you have a basic knowledge of the blockchain. The first basic understanding of Blockchain you should know is that the information held on a blockchain lives as a shared and continually reconciled database. It is one of the most obvious benefits from the Internet. You need to know that the database is global, public, and easy to confirmable because it is not stored in a single location. It is hard for hacked to corrupt because the database is not centralized version. You can access the data easily since it is hosted by millions of computers simultaneously.
Blockchain Technology is Transparent and Incorruptible
The technology make the system can automatically checks in every ten minutes because the blockchain network experiences a state of consensus. Actually the Blockchain networks accommodates every transaction that happens in the system in ten-minute intervals because this technology such as self-auditing ecosystem of a digital value. The each transactions of each group are concerned as a block. Two important things you need to know about blockchain is transparency and it cannot be corrupted. It has transparency because the data is planted within the network as a whole, by resolution it is public. Then, it is altering any unit of information on the blockchain. This system means that the blcokchian is using a lot of computing power to override the entire network. Finally, it is all about the Blockchain Technology you need to know.