Blockchain explained in detail here to help you to understand how it works. We will give you details and information that everyone needs to know. There is a lot of useful information put together for you and we are going into more detail for those eager to learn and want to understand what it all means.
Let’s start: Blockchanin is a digital ledger of transactions programmed to record not only financial transactions but virtually everything of value. It cannot be corrupted.
I WILL BREAK THIS DOWN INTO MORE DETAILED INFORMATION FOR YOU
- This is huge, global, and decentralized. There isn’t one system that is the central authority spreadsheet and it will keep track of who sent how many coins, tokens, and information to whom.
- It tracks the balance of the Coins/Cryptocurrency in every account. .
- This information is stored and maintained by thousands of people called miners around the globe who have “special” high powered and uniquely configured computers.
- The blocks that are within will be made up of all the individual transactions sent and received through the blockchain.
- When you access your Cryptocurrency Balances on any blockchain Wallet etc., you will see the date on it, but it’s not in one system.
MORE BLOCKCHAIN INFORMATION
This is a decentralized system that is bringing everyone to the highest degree of accountability resulting in:
No missed or corrupted transactions
No human and machine errors or corrupt, broken databases
There are no transactions or exchanges without the consent of parties involved
This guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers.
BLOCKCHAIN TECHNOLOGY IS NOW REFERRED AS INTERNET 3.0 – A BETTER, SAFER MEANS OF TRANSACTIONS.
This is an amazing invention by a group of people which evolved into something greater. The main question every single person is asking is What Is It? We Can Answer That!!!
Blockchain technology created the backbone of a new type of internet. This internet is better for everyone globally. It’s devised for the digital currency, Bitcoin, and the tech community is finding immediate, potential uses for this technology. The internet, that changed commerce, how things are done and communicated, is now being re-done in a new revolutionary method. Bitcoin is called “digital gold” which is actually a great name for it. It has proven to be just that. To date, the total value of the currency is close to $350 billion US. and will be worth more as time goes on. It doesn’t stop there, as blockchains can make other types of digital value.
BLOCKCHAIN DETAILS DON’T NEED TO BE UNDERSTOOD COMPLETELY
When you get a new smartphone, computer or a new car with all new features you didn’t need to know how it worked, you just used it. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary.
I WILL GO INTO MORE DETAIL FOR YOU
I am making it very simple. Think of a spreadsheet that is shared thousands of times across a vast network of computers. Whenever a secured and validated update is processed, this network is designed to regularly update this spreadsheet. If you can understand this concept, you have a basic description and understanding of blockchain.
THERE ARE BENEFITS TO USING THIS PROCESS SUCH AS:
- Information is held on a blockchain and it exists as a shared, continually validated and reconciled database.
- The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and verifiable.
- There is no centralized version of this information that exists for a hacker to corrupt.
- It is hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
- Ultimate Security and Transparency.
Blockchain technology is similar to the internet. It stores blocks of information that are identical across its network; The blockchain cannot:
- Be controlled by any single entity.
- Has no single point of failure.
- Be corrupted or embezzled.
HISTORY
Bitcoin invented in 2008 operates without any significant disruption. To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. These problems come from bad intentions and human error, not flaws in the system. The internet itself is doing remarkably for well for over 40 years. This is a track record that fares well for blockchain technology as it continues to be developed.
BLOCKCHAIN IS INCORRUPTIBLE!!
The blockchain network automatically checks in with itself every ten minutes. It’s a self-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions is referred to as a “block”. Here are two important properties created by blockchain:
- Transparency data is embedded within the network as a whole, by definition it is public.
- It cannot be corrupted. To alter any unit of information on the blockchain you would need a huge amount of computing power to override the entire network. This is virtually impossible.
NETWORK OF NODES
A network of computing “nodes” make up the blockchain.
A Node is a computer connected to the blockchain network using a client performing the task of validating and relaying transactions. It gets a copy of the blockchain downloading automatically upon joining the blockchain network.
NODES – THEIR ROLE IN THE FIRST BLOCKCHAIN – BITCOIN FOR EXAMPLE
Every node is an “administrator” of the blockchain. It joins the network voluntarily which makes the network decentralized. Each node has an incentive for participating in the network, the chance of winning Bitcoins. It creates “minted” blockchain of information and is being rewarded a specific amount of bitcoins for the completed block in the blockchain.
Blockchain is just like the internet as it shares “emails” and information. This grew into massive commerce that revolutionized the industry. As a result of blockchain it is already happening again.
DECENTRALIZATION
The blockchain is a decentralized technology, as it was originally created. Anything that happens within the blockchain is a function of the network as a whole. Due to this, there are some important implications.
Creating a new way to verify transactions aspects of traditional commerce could become unnecessary.
Cryptocurrency and ICO/Token trades are almost simultaneous on the blockchain. It’s a Global economy of trade operating 24/7 365 days a year with no market opening or closing.
- Vital record keeping, like a land registry, is now fully public.
- A global network of computers uses blockchain technology to jointly manage the database. It records all the recorded and structured transactions. Information is available and up-to-date at all times.
The blockchain is managed by its network, and not any one central authority. “Decentralization” means the network operates on a user-to-user basis. .
WHO WILL USE IT?
You don’t need to know about the blockchain for it to be useful in your life. Like computers, they will enhance everything around us with or without our knowledge of them and how they function. As a result, the World Bank estimates that over $430 billion US in money transfers were sent in 2015.
Jobs and Careers are abundant in the blockchain. Currently, there is a high demand for blockchain developers. This is not going to slow down and the blockchain is relevant for virtually everything.
The blockchain cuts out the middleman for all types of transactions. This is the reason new methods for generating and being part of creating new monetary gains are higher than ever.
Gaining access to the financial sector and use of blockchain cryptocurrencies are accessible to the general public with the invention of “wallet” applications. These “wallets” are used by people to buy things with Bitcoin, to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet, need, or resource. OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
ENHANCED SECURITY
The security offered by blockchain is revolutionary and necessary for total global solutions. It stores data across its network and the blockchain eliminates all of the risks that come with data being held centrally. This is important because it lacks a centralized point and is not vulnerable to computer hackers.
Today’s internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology. Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.
IMPORTANT BITCOIN INFORMATION
These methods of encryption are known as public and private “keys”. A “public key” is a long, randomly-generated string of numbers and is a users address on the blockchain. Values such as Bitcoins, or any Cryptocurrency will be sent across the network and are then recorded as belonging to that address. The “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding of your private key.
- Print it out creating what’s referred to as a paper wallet.
- A Trezor will allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location that has built in and secure recovery points.
With blockchain technology, the internet benefits with a new function. It is allowing its users to transact directly with one another . Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought by the blockchain, new internet businesses are on track to completely disrupt the traditional institutions of finance. If you want to really see how much it has grown go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)
Goldman Sachs believes blockchain technology holds great potential. They published this in 2017. They claim it could represent global savings of up to $6 Billion per year. Even Goldman Sachs has underestimated this incredible new world of blockchain.
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We shared a lot of information with you and it is a lot to take in. Please bookmark this page to come back and read it again to understand it more fully. The information provided will only increase your appreciation for this education on blockchain. There is nothing but growth and adventure for us all to witness Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services and fun to be had by us all.
