The world has seen some interesting inventions recently, and Blockchain is one of the most revolutionary ones. This technology is the work of Satoshi Nakamoto, and it has been growing over time since its invention. The only question many people have concerning Blockchain is what this technology is. Well, there is more to this technology than you may imagine, and here is all you need to know about Blockchain and how the whole system works.
What is it all about?
Blockchain can be defined as another type of internet, thanks to its ability to allow distribution of digital information. The motive behind the creation of the technology is a digital currency, also known as the Bitcoin. However, the tech is now headed for a wider variety of other potential uses.
Understanding how this system works
You may not necessarily have to learn how this invention works to use it, but if you are into getting to know more about it, then there is something for you. Various applications can help you understand this tech, and here are some of them.
Think of Blockchain in the concept of Google Docs operation. Instead of having to send a copy to someone for changes and waiting for the return copy, you can just share it with them and work on it simultaneously. This aspect of having access to the same document at once is the very concept of Blockchain. Things become even more interesting when there are more than two parties involved in manipulation of the tech.
Take, for instance, working on a worksheet duplicated across numerous computers, where the system updates the spreadsheet continuously. This is more like how the Blockchain technology works. Information in this technology is shared across the network, where the information is public and thus easy to verify. Hence, there are no chances for hacking or corruption of the records, since the information is not centralized in any given location.
Lasting and robust
The way this system is built makes it impossible for a single person to manipulate or have a particular point of failure. This is where its robustness comes into play, all thanks to its make; the only problem that can arise may only come from human error or intentional manipulation. It is also worth noting that this is not regular too.
The public nature of this system makes it not only transparent but difficult to corrupt as well. Besides, the system is sync to self-audit itself in ten minutes intervals. This helps in reconciling all transactions carried out, referred to as a “Block.”
Other aspects that come with this tech include decentralization, security enhancement through encryption technology and the use of numerous Node computer connections. Here, a copy of the blockchain can be downloaded to individual computers for validation and relay of transactions.
Blockchain tech is essential for governance; crowdfunding, supply chain auditing, file storage and sharing economy among other societal uses. This technology seems to have something for everyone and to understand it comes with benefits. It is without a doubt clear that blockchain has brought on board a completely new functionality in the internet world.