What Is Blockchain?
Blockchain is a digitized,
decentralized and public ledger of all financial transactions and it also recording the history of transactions.
Blockchain
provides a protocol for building a public, replicated and distributed ledger
network of all transactions. Each participant in this blockchain network
maintains their own copy of that database,
or collection of organized information.
Blockchain
is mostly known for the first technology it enabled, the Bitcoin, which Satoshi Nakamoto first described in a paper in 2008.
Blockchain
is the technology that runs cryptocurrency Bitcoin.
Blockchain
very first and most famous application is Bitcoin,
a peer-to-peer (P2P) digital
currency for the modern, digital age. This was created by Satoshi Nakamoto.
Blockchain
is actually a way to structure data
and the foundation of cryptocurrencies like Bitcoin, Ripple, Ethereum, Bitcoin Cash, Litecoin, Cardano and
many more.
The Real-life applications of Blockchain
-
1. Follow
My Vote aims to change the way we vote, becoming the world’s first open-source
online voting solution.
2. ShoCard
stores your identity onto Bitcoin’s blockchain for easy verification.
3. Symbiont
is a provider of smart securities on the blockchain.
4. Bitnation
is a Governance initiative with a collaborative platform for do-it-yourself
governance.
5. ChainLink
uses blockchain technology to verify and validate the authenticity and title of
real world items.
What Is Bitcoin?
Bitcoin
is the world’s first digital cryptocurrency
and worldwide payment system. It
does not have any central authority exercising control.
Bitcoin
was invented by an unknown person or
group of people under the name Satoshi
Nakamoto and released as open-source
software in 2009.
Bitcoin
is the first decentralized digital
currency, as the system works without a single administrator.
Why Is It Called Blockchain?
Blockchain owes its name to how it
works and the manner in which it stores data, namely that the information is
packaged into blocks, which link to form a chain with other blocks of similar
information.
What Is Blocks?
A block is a collection of data or transactions.
All Transaction data are permanently
recorded in files called blocks.
Blocks are storage of data or
transactions on the blockchain network, once they are added to the chain of
blocks that precede them they become irreversible. Each block contains the data
it is recording.
Where Blockchain Technology Can Be used?
1. Bitcoin
-BitPay, Litecoin and Abra
2. Blockchain
Identity Use Cases - Passports, Birth Certificates, Wedding Certificates and
Online Account
3. File
Storage
4. Smart
Contracts
5. E-Commerce
and Online Marketplaces
How Does Blockchain Work?
Blockchain keeps a record of all data
exchanges.
Transfers of electronic money through
a peer-to-peer network pass between counterparties without the participation of
financial organizations.
It utilizes a distributed system to
verify each transaction -a peer-to-peer network of nodes
Once verified and signed, the new
transaction is added to the blockchain and it can't be hack
Blockchain is a complex concept,
consisting of a blend of different technologies, each one a foundational pillar
in making blockchain the revolutionary offering that it is.