Here is some blockchain information to educate everyone on blockchain technology. We have compiled some useful information to help you get up to speed. And do not fret, an understanding will suffice, the details are for those that want more.
First of all, the blockchain is an incorruptible digital ledger of economic transactions. It records, not just financial transactions, but virtually everything of value.
WAIT – Let’s make that more simplified for you. Blockchain Details Broken Out in Simplicity
- A huge spreadsheet that is global and decentralized. Meaning no one system is the “Central” authority.
- It keeps track of who sent how many coins/tokens/information sets to whom.
- In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
- Stored and maintained by thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers.
- Blocks – individual transactions sent and received through the blockchain. For instance, all individual transactions sent from places like Coinbase, MyEtherWallet, MetaMask, and everywhere else.
- When you access your Cryptocurrency Balances on any Blockchain Wallet or view your transactions on various and specific sources, you are seeing data on the blockchain, not in any one personal system.
More blockchain education and benefits to all of us:
The Blockchain is a decentralized system to bring everyone to the highest degree of accountability. Resulting in:
- No more missed or corrupted transactions.
- An end to human or machine errors.
- No more corrupt or broken databases.
- An end to transactions or exchanges (made in error) without the consent of the parties involved.
- The blockchain guarantees the validity of a transaction. It records the transaction not only on the main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
Evolution of the Internet – better – safer – truth).
The blockchain is an undeniably ingenious invention. It is the brainchild of a group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater. The main question every single person is asking, and we are here to help explain is: What is The Blockchain?
The digital information on the blockchain creates an endless and constantly updated accessible database. Hence, blockchain technology created the backbone of a new type of internet – Internet 3.0 – the internet evolved. It is better for everyone globally and devised for digital currency. The tech community is now finding immediate and potential for it’s uses. Now the blockchain is creating a new revolutionary global Internet.
The total value of the currency is close to $350 billion US. Probably far more by the time you read this. And it doesn’t stop there. Blockchains can create other types of digital value.
You don’t need to fully understand Blockchain details
Like the internet before blockchain, or your smartphone, computers, or your car; you do not need to know how the blockchain works for you to use it. Basic knowledge of this new technology, however, helps you to understand why it is considered revolutionary.
A distributed database
Let us explain the blockchain details even more. Think of it as a spreadsheet that is shared thousands of times across a vast network of computers. This network is designed to regularly update this spreadsheet whenever a secured and validated truth of any update is processed . If you can grasp this concept, you have a basic description and understanding of blockchain. Some benefits to this process and function include:
- Information held on a blockchain exists as a shared, and continually validated and reconciled database.
- The blockchain database isn’t stored in a single location. That means the records it keeps are truly public and easily verifiable.
- No centralized version of this information exists for a hacker to corrupt.
- Hosted by millions of computers simultaneously
- The data is accessible to anyone on the internet.
- Ultimate Security and Transparency. Truth.
Durability and robustness
Blockchain technology is similar to the internet. It has a built-in robustness. Due to storing blocks of information that are identical across its network, the blockchain cannot be:
- Controlled by any single entity
- Corrupted or embezzled, or
- Has no single point of failure
Blockchain history
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intentions and human error, not flaws in the underlying concepts.
The internet itself has proven to be durable for well over 40 years. The track record bodes well for blockchain technology as it continues to be developed. Deployment of the technology is for all uses and solutions for the global community.
Blockchain – Transparent and Incorruptible
The blockchain network lives in a state of constant consensus. Therefore, it is one constant consensus that automatically checks in with itself every ten minutes. This is a kind of self-auditing ecosystem of digital value. The network reconciles every transaction that happens within ten-minute intervals. A “block” consists of a group of these transactions. Two important properties created by blockchain as a result of these transactions are.
- Transparency – data is embedded within the network as a whole and by definition it is public.
- It cannot be corrupted. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.*
*In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
A network of nodes
A network of computing “nodes” make up the blockchain. A computer connected to the blockchain network using a client that performs the task of validating and relaying transactions is a node. Each node receives a copy of the blockchain which gets downloaded automatically when joining the blockchain network.
Together they create a powerful second-level network, a wholly different vision for how the internet can function.
Nodes and their role in the first blockchain example: bitcoin.
As an “administrator” of the blockchain, each node joins the network voluntarily. Thus, making the network decentralized. However, each node has an incentive for participating in the network by winning Bitcoins and proving proof of work. By doing so, a “minted” blockchain of information is being created. Thus being rewarded a specific amount of bitcoins for the completed block in the blockchain.
Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized the industry. Hence, as a result of blockchain it is already happening again; evolving to the next level of technology based on decentralized solutions and “truth”.
There are every growing Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Because there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future.
Blockchain details: The idea of decentralization
The blockchain is a result of the functions of the network as a whole. Hence, important implications are now realized:
- By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
- Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing.
- Vital record keeping, like a land registry, is now fully public globally.
- Finally, a global network uses blockchain technology to jointly manage the database that records transactions that are recorded and structured making information current and available at all times.
The blockchain is managed by its network and not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth”.
Blockchain details: Who will use the blockchain?
Keep in mind; you do not need to know about the blockchain for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.
Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.
Consequently, the blockchain potentially cuts out the middleman for all types of transactions. Hence the reason new methods for generating and being part of creating new monetary gains are higher than ever.
Access to the financial sector and the use of blockchain cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin and to be able to store and access it along with other cryptocurrencies. We recommend Coinbase for any blockchain wallet or ICO direction, need, or resource.
In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification and verification. Coinbase is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
Blockchain details: Enhanced security
The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. The blockchain lacks centralized points of vulnerability that computer hackers can exploit which is especially relevant to today’s needs.
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.
Public and private “keys” are methods of encryption. A “public key”, which is a long, randomly-generated string of numbers, is the users’ address on the blockchain. The “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrencies, 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.
Methods for safeguarding include:
- Printing it out and creating a paper wallet.
- Cold Storage Solutions. Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built-in and secure recovery points. Click on the image to order one today.
Blockchain details: A second-level network
With blockchain technology, the internet (web) benefits with a new layer of functionality.
Hence, users can 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 business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic). Go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)
As published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year. It seems like, even Goldman Sachs has underestimated this incredible new world of the blockchain.
Feel like you are missing out? So don’t fret!
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This can be a lot to take in. So we invite you to bookmark and come back for more information or to review this information. The information provided will only increase your appreciation for this education on the blockchain. There is nothing but growth and adventure for us all to witness.
