What does Blockchain mean?

Blockchain is a unique invention of a person or group of people known as Satoshi Nakamoto. But since then it has become something more significant, the main question asked by everyone is the following. What is a blockchain?

By allowing the distribution of digital data but not duplication, blockchain technology has created the basis for a new type of Internet. Originally designed for digital currency, the Bitcoin community technology (Buy Bitcoin) is now finding other potential benefits of the technology.

Bitcoin is called “digital gold” for good reason. So far, the total value of the currency is approaching 9 billion US dollars. And blockchains can create other types of numeric values. Like the internet (or your car), you do not have to know how the blocker uses it. However, the basic knowledge of this new technology shows why it is considered revolutionary.

Blockchain strength և durability

Blockchain technology is like the Internet to integrate its power. By blocking identical information blocks in your network, the blockchain can not:

1. Has no point of failure.

2. Be controlled by any individual entity.

Bitcoin was discovered in 2008. Since then, the Bitcoin blockchain has worked without significant disruption. (Until now, all problems with bitcoin have been caused by hacking or mismanagement, in other words, these problems stem from malicious intent, human error, not the imperfection of basic concepts).

The Internet itself is almost 30 years old. This is a record that is good for blockchain technology as it is still evolving.

Who will use the blockchain?

As a web infrastructure, you do not need to know the blockchain to be useful in your life.

Finance currently offers the most powerful use of technology. For example, international payments. The World Bank estimates that more than $ 430 billion in remittances were sent in 2015. And so far there is a great demand for development engineers.

Blockchain potentially reduces intermediaries for these types of transactions. Personal calculations have become more accessible to the general public through the inventory of the Graphical User Interface (GUI) that has been cast on the “table”. Also, the most common GUIs for Blockchain are called: Wallet apps that people use to buy bitcoin items and store them with other cryptocurrencies.

Online transactions are closely linked to identity verification processes. It is easy to imagine that portability applications will change in the coming years to include other types of identity management.