Not many have heard about blockchain, even though the technology goes back quite some time. A lot of them know about Bitcoin or some other cryptocurrency, however. Interestingly, Blockchains are revolutionising how the exchange of money through BTC takes place, and so it is essential to know about the former as well so you can stay on top of the trend.
Blockchain as a concept predates Bitcoin and cryptocurrency, but it gained prominence only after Bitcoin transactions left few reliable ways to keep track of your money and record exchange between users without revealing personal markers and identities. You’ll be surprised what else it can be used for.
Understanding what a blockchain does is crucial. When you make a transaction using an online currency, you want to keep a secure account of it to produce later if need arises. Blockchain is often employed for this purpose, kind of like an online bank passbook. When you send a bitcoin to someone, the transaction is recorded as a piece of data, and it is unalterable once generated. This record of data is called a block.
Then, this block is replicated in several devices connected to the service, generating an interlinked pattern resembling a chain. This is where the system gets its name from. The data thus becomes available to be withdrawn and verified, so any false claims can be identified. Changing an individual block on one PC will be useless, since there are tens of PCs with a record of your data which can be anywhere around the globe.
The system even turns into a rewarding service for many. The system pays you some amount of fee to compensate you for the CPU resources and electricity costs the service will consume. You can read more about this and applications Blockchain may find itself part of in this infographic from Techiespad.com
Author Bio: Stacy Miller has been blogging ever since she was in high school. Her love for technology and disdain for generic Hollywood movies has only grown over the years.
you can find more of her writing on techiespad.com
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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