What is blockchain?
Simply put, it's a block chain.
It is used to store and send information about transactions concluded on the Internet, which are arranged in the form of successive data blocks ????????
Simple so far, right?
The block contains information about a certain number of transactions, but its capacity is not infinite. When it is saturated, the next data block and the next and next are created. These block form some kind of chain.
How does blochchain work?
Blockchain operation consists in maintaining a joint and collective accounting LEDGER of transactions in a digital form, scattered over the network, in the same copies.
This technology allows you to carry out transactions without central computers, without systems that manage and verify transactions. It is based on a peer-to-peer network and any computer connected to the network can participate in transaction transmission and authentication. Thanks to complicated cryptographic tools, the book is protected against hacker attacks and is open to everyone. So the user can independently view and verify any transaction from the very beginning of blockchain existence to the present moment.
It is estimated that to break a blockchain network you would need computing power equal to half of the Internet.
Blockchain is one of the safest forms of data storage. Used to confirm the authenticity. It is unique, encrypted, unchanging, secure and final.
Where blockchain is used?
The most famous blockchain is bitcoin blockchain.
Blockchain software was made public on November 9, 2008 by Satoshi Nakamoto.
In the early days of the Bitcoin network, the reward for participating in it was the release of 50 bitcoins to this network in each block. This number is halved every 4 years. Currently, the prize for mining the correct block is 6.25 BTC, this difficulty increases every 4 years and is called "halving" in the cryptocurrency world.
However, this is only a substitute for the possibilities that blockchain brings. Thanks to him, the world we have known so far will undergo a complete transformation, and basically it has already changed. We probably don't even realize how this technology affects our lives.
Photo:https://pixabay.com/pl/photos/bitcoin-blockchain-waluty-biznesu-3411309/
Where else then does blockchain apply?
* Government services - taxes, contributions, mortgages, property deeds, land registers, registers
* finance and banking - to reconcile international transactions, payments and loans that eliminate intermediaries (e.g. Abra), currency exchange and interbank transactions (e.g. Coinbase, Ripple)
* Internet of Things e.g. tracking shipments and deliveries, smart homes and cities, control over the operation of devices, etc.
* people's digital identity, e.g. cybersecurity protection of the country, digital signatures, people identification systems, authorizations, reputation
* Voting systems - automatic vote counting with full history
* Transport - sharing trips, renting trips, private drivers, transporting people and goods. Blockchain and transparency make it possible to bypass intermediaries and state regulations
* Energy distribution and production - transfer to the blockchain of settling energy transport, energy meters, energy producers (e.g. people reselling energy from solar cells), issuing certificates and analysis
* Identification, tracking luxury goods - tracking collector's goods, tracking works of art, diamonds, jewelry
* Digitization of documents - e.g. storage of receipts in blockchain for warranty purposes
* Gaming systems, gambling, prediction of events - anonymization of players, winnings transfers, etc.
* Intelligent contracts - automatically concluded and executed contracts which nobody controls, but everyone (within blockchain) trusts them
* stock market transactions - bypassing intermediaries and institutions
* healthcare - storage of patients' medical records
The potential of this technology has not yet been fully discovered and work is still ongoing on blockchain possibilities and their use for the benefit of humanity.
Title picture:
https://pixabay.com/pl/photos/blockchain-sieci-danych-technologia-4097126/
