Blockchain is a unique invention: the idea of a person or group of people known as Satoshi Nakamoto. But since then it has developed into something more significant, and the central question that everyone is asking is: What is Blockchain?
By allowing the distribution of digital data but not copying, blockchain technology has created the backbone of a new kind of internet. Originally designed for digital currency, the Bitcoin (Buy Bitcoin) community technology now finds other potential benefits of the technology.
Bitcoin is called “digital gold” and for good reason. So far, the total value of the currency is close to 9 billion US dollars. And blockchains can make other types of numeric values. Like the internet (or your car), you don’t have to know how a blocker uses it. However, a basic knowledge of this new technology shows why it is considered revolutionary.
Blockchain Durability and robustness
Blockchain technology is like the internet because it has integrated robustness. By storing identical information blocks in your network, the blockchain cannot:
1. There is no single point of failure.
2. To be under the control of any single entity.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has been operating without significant disruption. (So far, all problems related to Bitcoin have been caused by hacking or mismanagement, in other words, these problems arise from evil intentions and human error, not from imperfections in basic concepts).
The internet itself is almost 30 years old. This is a record that is good for blockchain technology as it is still evolving.
Who will use the blockchain?
As a web infrastructure, you don’t have to know a chain of blocks to be useful in your life.
Currently, finance offers the most influential uses of technology. For example, international payments. The World Bank estimates that more than $ 430 billion in remittances were sent in 2015. And for now, there is a great demand for development engineers.
Blockchain potentially reduces intermediaries for this type of transaction. Personal computing has become more accessible to the general public with a graphical user interface (GUI) inventory that has shaped the desktop. Also, the most common GUIs designed for Blockchain are called this. Wallet applications that people use to buy things with Bitcoin and store them in other cryptocurrencies.
Online transactions are closely related to identity verification processes. It is easy to imagine that portability applications will change in the coming years and include other types of identity management.