Blockchain, cryptocurrency is becoming more and more pertinent and popular among our new financial future. Concepts such as these continue to revolutionize how we live and transact with ease. Banks are speaking about cryptocurrencies with the help of BlockChain. They are beginning to utilize a technology which may drive the more reliability and portability transactions of the future, blockchain. It’s become a buzzword in circles around the world for its capability to change the market of value as it is currently realized by us. Many of the entrepreneurs and businesses around the world are looking at ways to utilize this technology as it starts to become one of the big latest advancement innovation of century.
It is a peer-to-peer technology to simplify any transactions of value attached. Many of the people are using this blockchain to simply their life.
It is obvious that with so much of push and hype around blockchain based systems and implementations, it is the financial future of the world.
So, below are the eleven things which one should know about the Blockchain.
- It is an algorithm which enables transactions to be split into different types of ‘blocks.’
- Blocks are then added to a ‘chain’ of blocks with the help of a cryptographic signature. Hence it gets its name called Blockchain.
- It was first implemented in the year 2009 as one of the core component of the digital currency bitcoin, where it serves as the public ledger for almost all transaction.
- It’s implementation is described in paper which is published by Satoshi Nakamoto,
- There would not be Bitcoin, Etherum without the algorithms of the blockchain.
- It is a shared public ledger (distributed) on which the entire Bitcoin network relies on.
- All the transaction which is confirmed is included in the Blockchain.
- Its transactions are broadcast.
- It is an open ledger with all decentralized and immutable transactions.
- It can be used to exchange or transact with any assets of value viz. money (BitCoin), smart contracts and it helps to build and ensure trust between two peers without the involvement of any third party.
- Nowadays, it is also often referred to as a transactional layer, backbone, for the internet.