Blockchain is an undeniably inventive invention that is revolutionizing the global business market. Its evolution has brought greater benefits not only to the business but also to the beneficiaries. But since it is a revelation to the world, the vision of its operational activity is not yet clear! The most important question in everyone’s mind is the following. What is a blockchain?
To begin with, Blockchain technology serves as a platform that allows the transfer of digital information without the risk of copying. It has somehow laid the groundwork for a new kind of Internet space. Originally designed to deal with bitcoin, trying to explain to ordinary people the functions of its algorithms, hash functions, and digital signatures, technology enthusiasts today are finding other possible uses for this flawless invention that could pave the way to the beginning. about the process of brand new business transactions in the world.
A blockchain is, in all respects, a kind of data distribution algorithm for managing e-cash without the intervention of a centralized administration designed to record all financial transactions, as well as everything of value.
The work of the blockchain
Blockchain can be thought of as a distributed log technology originally designed to support bitcoin cryptocurrencies. But after severe criticism and rejection, the technology was revised to be used more effectively.
To give a clear idea, imagine a spreadsheet that practically adds tons of computing systems in tons. And then imagine that these networks are designed to update this spreadsheet from time to time. This is exactly what blockchain is all about.
The information stored in the blockchain is a shared newspaper, the data of which is combined from time to time. It is a practical tool that speaks of many obvious advantages. Blockchain data does not exist in one place. This means that everything stored there is open to the public for viewing. Moreover, there is no centralized information storage platform that can be compromised by hackers. It has access to virtually over one million computing systems, and its data can be accessed by anyone with an Internet connection.
Blockchain longevity և authenticity
Blockchain technology is something that reduces the space of the Internet. It is luxuriously strong by nature. Like offering data to the general public over the World Wide Web, blocks of real information are stored on a blockchain platform that is identical to all networks.
It’s important to note that a blockchain cannot be controlled by one person, organization, or identity; it does not have a single point of failure. Just as the Internet has proven to be a stable space for the last 30 years, the blockchain will also serve as a real, reliable global platform for business transactions as it continues to evolve.
Transparency և non-corrupt nature
Veterans of the field claim that the blockchain lives in a state of consciousness. It practically checks itself from time to time. It is similar to self-audit technology, where its network coordinates each transaction, known as the block, which takes place on a regular basis on the ship.
This gives rise to two main features of blockchain: it is extremely transparent and can not be corrupted at the same time. Every transaction that takes place on this server is embedded in the network, therefore, the whole thing is always visible to the public. Moreover, editing or skipping blockchain information requires a lot of effort և powerful computing power. At the same time, fraud can be easily detected. Therefore, it is called non-corrupt.
There is no set rule or rule as to who should or can use this flawless technology. Whether at the moment its potential users are banks, commercial giants, only the world economies, technology is open to the daily business of the general public. The only drawback of blockchain is its global recognition.