Blockchain Technology; explanations for the non-tech person. We all know the world is constantly changing. Blockchain is just one of those many changes. Here are some blockchain details and information everyone needs to know. We are sharing some useful information to help you get up to speed. And don’t worry, a basic understanding is all you need. The nitty-gritty details are for those that want more information.
The blockchain is a secure digital accounting book of financial transactions. And, this digital accounting book is programmable. You can record not only financial transactions; but, you can program it to record virtually everything of value. What does that mean?
WAIT – Let’s Simplify that Even More!!!
Here are some simple blockchain details everyone needs to know. The blockchain is a gigantic, world-wide, decentralized spreadsheet. Decentralized means there is not a “central” authority. This spreadsheet tracks who sent how many coins, tokens, or information sets and to whom they were sent. In the case of coins or cryptocurrency, it tracks the balance of every account. Thousands of people, also known as miners, store and maintain the spreadsheet data using high powered, specially configured computers.
All of the individual transactions through the blockchain process are known as blocks. For example, all individual transactions you send or receive from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, are known as blocks. When you access your Cryptocurrency Balances any Blockchain Wallet you are seeing data on the blockchain. When you view your transaction on various sources such as blockchain info, you are seeing data on the blockchain. All of this data is not on any one personal system.
Blockchain details and Benefits for all!!!
Blockchain is a decentralized, which means there isn’t one central authority, system making everyone more accountable. A higher degree of accountability means no more missed or corrupt transactions. No more human or machine errors, corrupt or broken databases. No more transactions or exchanges made in error. Not unless all parties to the transaction give consent. The blockchain guarantees the strength of transactions by recording them on the main register. And on network of registers which connect through a secure set of rules.
Blockchain Technology Explained ~ Consider it Internet 3.0!!!
The blockchain is definitely a clever invention. It is the creation of a person or group of people known by the alias, Satoshi Nakamoto. But, since its creation it has grown into something greater. The main question every single person is asking is, “What is Blockchain?” We are here to help explain it the simplest terms possible.
Consequently, details to what blockchain is become clearer here. The Blockchain allows for the distribution of digital information; but, not the copying of digital information. Therefore, the blockchain creates an endless and constantly updating, accessible database. Hence, blockchain technology creates the backbone of a new type of internet. This is a more mature internet better for everyone world wide.
Originally, blockchain was created for use with the digital currency Bitcoin. However, the tech community is now finding immediate and potential uses for the technology. We saw the Internet change commerce, communication and how things are generally done. Now with blockchain technology, we are seeing it all change again in a new progressive way. Hence, Internet 3.0.
Bitcoin ~ Proof of Work!!!
Recently, Bitcoin received a proof of work. A proof of work is a piece of data which is costly and time consuming to produce; but, easy for others to verify. Bitcoin uses the Hashcash proof of work system. Hashcash is a proof of work system originally designed and used to limit email spam. However, recently, it has become known for its use in Bitcoin as part of the mining algorithm. In Bitcoin, Hashcash is used for blocks. In order for a block to be accepted by network participants, miners must complete a proof of work which transmits all the data in the block.
With the proof of work and the creation of Blockchain, Bitcoin has become “digital gold.” Actually, this seems like a really good name for it as it has proven to be just that, “digital gold.” As of today, the total value of the currency is close to $350 billion US. By the time you read this, it will probably be worth much more. And it doesn’t stop there!! Blockchain can increase the value of other types of digital currency as well.
Blockchain ~ We do Not Need to Fully Understand it to Use it!!!
When the internet began (prior to blockchain), you didn’t understand it and you didn’t need to in order to use it. This is the same idea for your smartphone, computers, or your car. You don’t need to fully understand how all of these items work; but, you can still use all of them. It is the same for blockchain. You don’t have to completely understand how it works in order to use the technology. However, having basic knowledge of this new technology helps you to understand why it is considered ground-breaking.
A Distributed Database – Blockchain Technology Explained ~ Even More Details!!!
Simply, picture sharing a spreadsheet thousands of times across a vast network of computers. Then when processing a secure and valid true update, this network is designed to regularly update the spreadsheet as well. If this concept makes sense to you, then you have a basic understanding of blockchain. An additional benefit to this process and function includes blockchain information exists on a shared and repeatedly validated and reconciled database.
Blockchain Technology Explained – Even More Benefits…
The blockchain database records aren’t kept in any single location. Meaning the records are really public and are easily verifiable. This information is difficult for a hacker to damage because one central version of the information does not exist. The blockchain data is available to anyone on the internet because millions of computers host the data all at the same time. The blockchain database provides the ultimate security and transparency. Therefore, it provides the ultimate Truth.
Blockchain Details ~ Toughness and Strength!!!
Blockchain technology is like the internet in that it has a built-in toughness and strength. By storing identical blocks of information across the blockchain network, a single entity cannot control it. Furthermore, there is no one single point of failure and the data is free from corruption and embezzlement.
Blockchain Details ~ the History of its Invention/Creation!!!
Since its invention in 2008, Bitcoin has been operating without significant disruption. To date, any of Bitcoins’ problems are due to mismanagement or hacking attempts. In other words, these problems come from bad intention and human error, not flaws in the underlying system ideas. For more than 40 years, the internet has proven to be stable and long lasting. This track record shows a promising future for blockchain technology. As development and deployment continues, we see a vast number of uses and solutions for the Global Community in which we all live and work.
Blockchain Details ~ Transparent and Incorruptible!!!
The blockchain network exists in a state of endless agreement. Therefore, the blockchain database is in endless agreement, automatically checking itself every ten minutes. Every ten-minutes, the network reconciles every transaction that happens within that time frame. Each group of transactions occurring in that ten-minute time frame is a “block.” As a result of this self-checking, blockchain creates an environment of Transparency and Incorruptibility.
Transparent and Incorruptible!!!
Because the data is rooted within the blockchain network it is transparent or, by definition, public. Furthermore,the data is incorruptible. cannot be corrupted. This means altering any information on the blockchain network will require a large amount of computing power to override the entire network. This is virtually impossible and is getting more and more difficult by the day. However, in theory, overriding the entire network is possible. But, in practice this is unlike to ever happen. If someone happens to take control of the system to capture Bitcoins for instance, this will cause the total destruction of their value.
Blockchain details: A network of nodes
A network of computing “nodes” make up the blockchain.
Node (a computer connected to the blockchain network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the blockchain network.
Together they create a powerful second-level network, a wholly different vision for how the internet can function.
Nodes and their role in the first blockchain example: bitcoin.
Every node, or computer terminal, is an “administrator” of the blockchain, And, every administrator joins the network voluntarily. In this sense, the network is considered decentralized. However, each administrator has an incentive for participating in the network: the chance of winning Bitcoins. Administrators compete to solve and be verified as the solution, proving proof of work, and then creating the “newly coined” blockchain of information. A specific amount of bitcoins are the administrators reward for completing the block in the blockchain.
Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized industry. Hence, as a result of blockchain, it is already happening again. Technology is evolving to the next level based on decentralized solutions and “truth.”
There are ever growing Bitcoin-like cryptocurrencies (tokens with exchangeable value) already available. In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Literally, there are no barriers. The uses and the already active solutions will be part of our everyday lives, if they aren’t already, in the immediate and ever advancing future.
Blockchain details: The idea of decentralization
Anything happening within the blockchain is a function of the network as a whole. Therefore, we are seeing some significant implications such as by creating a new way to verify transactions, pieces of traditional commerce may become unnecessary.
Additional Significant Implications…
- Cryptocurrency and ICO/Token trades are almost simultaneous on the blockchain. This creates a Global economy of trade operating 24 hours per day, 7 days per week, 365 days per year with no market opening or closing.
- Vital record keep, like a land registry, is now completely public.
A global network of computers uses blockchain technology to jointly manage the database that logs the recorded and structured transactions. This makes information up-to-date and readily available at all times.
- The blockchain is managed by its network, and not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” and the possibilities from all forms of mass collaboration this makes possible are just beginning to be investigated.
Blockchain details: Who are the Blockchain Users?
Remember, you do not need to know how blockchain works for it to be useful in your life. Computers have been enhancing everything in our lives and we do not need to know how they function for them to have an impact. This same understanding applies to blockchain as well.
Currently, the strongest case for using the blockchain technology is in the world of finance such as international remittances. As a result of blockchain, the World Bank estimates that roughly $642 billion US lobal money transfers in 2018.
There are numerous jobs and careers available in the blockchain. Currently, the demand for blockchain developers is at an all time high. This need is not going to go away or slow down. Therefore, the implications for the blockchain evolution are relevant for virtually everything we do.
Consequently, the blockchain potentially eliminates the middleman for every type of transaction. Therefore, the justification for generating and aiding in the creation of new monetary gains are greater than ever.
The creation of “wallet” applications allows the general public to gain access to the financial sector and use blockchain cryptocurrencies. Initially, people used these “wallets” to buy things with Bitcoin. And, have the ability to store and access it along with other cryptocurrencies. , and to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for all your blockchain wallet or resources.
In addition to the many things and industries blockchain creates, it also creates an huge need for compliance, identification and verification. The leader in blockchain compliant solutions and user “wallet” needs for cryptocurrencies is OMINEX.
Blockchain details: Enhanced security
Offering revolutionary and necessary security, validation and “Truth” for world-wide solutions amongst all sectors. Blockchain is able to eliminate all of the risks that come with data being held centrally by storing data across its entire network, Lacking central points of vulnerability that computer hackers can exploit, blockchain is especially relevant to today’s virtual security needs.
Numerous security problems plague all of today’s internet users. Currently, all users rely on the “username/password” system to protect our identity and assets in the online world. Blockchain uses encryption technology for all security needs. Therefore, blockchain is causing an evolution in internet security, along with almost all aspects of the Internet.
Blockchain uses methods of encryption known as public and private “keys.” A “public key,” which is basically a long, randomly-generated string of numbers, is a user’s address on the blockchain. Values, such as Bitcoins, any Cryptocurrency or Designed Variable, are sent across the network and are then logged as belonging to that user address. Similar to a password, the “private key” gives its owner access to their Bitcoin, other cryptocurrency, or other digital assets. By storing your data on the blockchain, your data is virtually incorruptible. Although this is true, protecting your digital assets still requires you to safeguard your private key.
Methods for safeguarding your public and private keys include such tasks as printing it out or using a cold storage solution. By printing it out you are essentially creating a “paper” wallet. Using a cold storage solution such as a Trezor allows you to keep your “key” and its contents n a safe location with built in, secure recovery points.
Blockchain details: A second-level network
With blockchain technology, the internet, or web, is now benefiting from a new layer of functionality. Hence, users are able to transact directly with one another. In 2016, on average, daily bitcoin transactions were equal to a little over $200,000 US. The additional security that blockchain provides, sets new internet businesses up to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)
As stated in a 2017 publication, Goldman Sachs believes blockchain technology holds great potential. Especially for clearing and settling financial transactions. They claim it may represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs is underestimating the incredible new world of blockchain.
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