Blockchain Technology 2019
The blockchain created by the person or persons who used the name Satoshi Nakamoto and whose ingenuity was doubtful became more and more important and became the goal of all.
“WHAT IS THIS BLOCK CHAIN?”
Do not copy digital data anymore, but have it distributed. The blockchain, the backbone of a whole new kind of internet. Although the digital currency is prepared for Bitcoin, the technology community is finding new uses for this technology. Just like on the internet or in cars, you need to know how it works to use the blockchain. As you become familiar with this new technology, you understand the revolutionary technology.
Distributed database
Imagine a spreadsheet copied to a computer network thousands of times. Keep in mind that this network updates the spreadsheet regularly. They begin to understand the blockchain now. The information in a blockchain continues to exist as a shared and constantly updated database. Using the network in this way offers obvious benefits. Because the block chain database is not stored in a single location, the records are public and can be easily verified. There is no centralized version of this information that hackers can access and interrupt. Because it is hosted simultaneously on millions of computers, anyone in the database can access the data in the database.
Stability and reliability of the blockchain
The blockchain is internally stable like the internet. Since the same information blocks are stored on the network, the blockchain is:
- Not controlled by a single institution or organization.
- There is not a single breakpoint.
Bitcoin was invented in 2008 and since then the Bitcoin blockchain has been running without major problems. So far, all the problems that Bitcoin has gone through have either encountered hacking or administrative errors. In other words, these problems are caused by malice or human error; Not because the underlying concepts contain errors. The internet has survived for 30 years. This is good news for the still-evolving block-chain technology.
Blockchain is Transparent and Intact
The block-chain technology is a consensus that automatically updates every 10 minutes. The network, a self-monitoring ecosystem of digital assets, updates each process in increments of 10 minutes each. Each of these processes is called a “BLOCK”, so there are two important things: First, the principle of transparency is embedded throughout the network and open to all. On the other hand, there is a need for more computing power than the entire network to change an information unit in the blockchain and thus not be damaged. While this is theoretically possible, it is impossible in practice. For example, if you take control of the system to collect bitcoins, you also reset the value of bitcoins.
Blockchain node network
The blockchain consists of “nodes” that perform calculations. A node is a computer that runs a client that is connected to a block chain network and runs a client that is responsible for validating and transferring transactions. When the nodes are transferred to the block chain network, they automatically download a current copy of the block chain. The nodes that come together form a second level and a strong network that is completely different from the current operation of the Internet. Each node is an administrator of the blockchain and is ready to join the network. In this regard, it can be said that the network is not the center. However, each node has a chance to join the network: a chance to win Bitcoin.
Although the nodes say “mining,” this is a false expression. In fact, each node competes with each other to solve arithmetic problems. Bitcoin was initially the focus of Blockchain. Today, this technology is only considered one of countless application areas: The number of Bitcoin-like cryptocurrencies is now over 700. In addition, possible adjustments to the original block-chain concept are currently underway or under development. Blockchain is a decentralized technology. Everything in the blockchain affects the entire network. There are some important consequences.
The blockchain, a new method of checking transactions, also invalidates some aspects of traditional trading: For example, stock market transactions can occur almost immediately in the blockchain, or registers such as the land register can be held public. The database that records bitcoin operations is managed by a global computer network using block-chain technology. That is, the Bitcoin manager is not a single institution, but the network itself. The lack of a center means that the network can work from user to user. We discover the potential of this mass cooperation.
Who uses the blockchain?
As with the web infrastructure, it is not necessary to know the inside of the blockchain. Currently, the financial world is the biggest potential use of the block-chain technology. The World Bank says that more than $ 430 billion of remittances produced in 2015 and have a large demand currently block chain developers. The blockchain can eliminate the mediator in such operations. How to use the graphical user interfaces of desktop computing concept Thanks to all in the chain block, has been opened “wallet” graphical user interfaces widely used. People use these apps to shop with Bitcoin or save them in other cryptocurrencies. Online transactions are closely related to authentication processes. In the future, we can ensure that wallet applications pave the way for other types of identity management.
Identity Management
There is no doubt that better identity management on the Web is required. Authentication is the weak point of all financial transactions over the Internet. However, the solutions to the security risks associated with trading on the Web are not good at all. Distributed registries provide improved ways to prove your identity and the ability to digitize personal documents. A secure identity will also be important for online interactions in the sharing economy. After all, a good reputation is the basic requirement for shopping on the Internet.
