The Truth About Blockchain Technology

blockchain technology

“Blockchain is the future.” Have you ever heard that statement? Well, if you’ve not, you’re hearing it now. Blockchain technology is an advancement that will change the world from the financial sector, government, businesses and every other industry.

So, What is a Blockchain?
A blockchain can be described as a distributed database. What this means is that the storage devices aren’t connected to a common processor. There is a growing list of records referred to as blocks. Every block has a timestamp that links it to the previous block.

A user can only edit the fragments of the blockchain they using private keys required to write files but cannot manipulate the entire block. Every copy is kept in sync.

For example, you have a digital medical record based on blockchain technology every entry in the record is a block that has a timestamp. No one except you and the doctor who made the entry and have the private key will be able to modify the record. The only way the information will be shared with a third-party is if you or the doctor gives out the private key.

Blockchain technology ensures security. It was introduced in the year 2008 by Satoshi Nakamoto. Its the first implementation was in 2009 as the technology that controls digital currencies. It is the public ledger that records all Bitcoin transactions. Bitcoin, based on the blockchain technology was the first digital currency to solve the problem of double spending.

The Internet of Value
Some people refer to the blockchain as “the internet of value.” This phrase is fitting. Anyone can publish what they like online, and it can be accessed worldwide by others. However, a blockchain enables the transfer of value around the world without public access. Only the receiver who has the cryptographically created private key will be able to access it.

Blockchain technology establishes identity and trust. It is going to bring a lasting solution to corruption with mainstream adaptation.

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