What is blockchain and how it works?
1What is blockchain and how it work?
What is blockchain? Blockchain can store data records in a secure manner, with the consensus of all parties connected to it. Blockchain is a breakthrough technology that deals with the storage, security, and access to large amounts of data.
How far has blockchain development been? The first physical use cases for blockchain were the digital currencies Bitcoin and Ethereum. A few years ago IBM announced its service called IBM Blockchain Platform which later became an open-source project named Hyperledger. Other than the examples above there are many other applications in several industries including finance banking, logistics insurance, etc. Just to mention a few names Syscoin Namebond
What is cryptocurrency? Well the more you talk about the investment it becomes bigger than just a payment system. It's not a sentence to start any discussion but let me give a very simple definition. No money, no problem! Sounds familiar? Yes, this means that if there isn't money, Blockchain can still act as a replacement for many business processes and systems. Let's take the example of CarTransfers with crypto being used instead of cash. In order to exchange money /cash/ tokens or coins, at the beginning you have a transaction record of what happens and who is involved but this leads that there might be information missing in all transactions, so if someone wants to cheat themself he will only gain what was already agreed upon (So practically it means people whose records are tampered with can no longer issue Bitcoins). Blockchain is a safe and immutable record of the agreed-upon procedure: with every new transaction (put money in your account), details about who has been involved are added to the corresponding block and it cannot be changed because all records link to each other. This is what you're used to when using credit cards or transfer systems, but cryptocurrency itself – using Blockchain as its key ingredients – just gets rid of these concerns altogether!
What makes Blockchain enterprising? Of course, the disruptive potential of Blockchain but its core foundations in most cases go unnoticed and still remain unknown because it is associated with anonymity, darknet markets, and other controversial. Let's make a short excursion into viral marketing to define why anonymous transactions are necessary (or not) for true decentralization because this sense strongly depends on where –i- want to get these benefits:
1. Peer2Peer transactions don't need anonymity: It doesn't matter who it is you are exchanging money with or against; at the point of sale, all critical information stays confidential and only a trading password (something for everyday use as an email) If everything was about accountability however people can easily trace back every step to prevent fraudulent transactions by just seeing what's being transacted.
2. Traders needn't be anonymous: Unlike Bitcoin, in fact, Ethereum escrow saves identity data like IP address or email, so traders can easily be identified by providing the required information to open a new account. This feature was implemented just for simplicity purposes in Blockchain implementation as well
3. Darknet Trade will foster anonymity: Well, you may expect auctions to raise some suspicions because there are anonymous users who bid and win deals on websites that operate off-blockchain (however with strong encryption). Bitcoin approaches transparency natively while other cryptocurrencies
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