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10 Things You Should Know About Blockchain

10 Things You Should Know About Blockchain

Blockchain, cryptocurrency are becoming more and more pertinent to our financial future. Concepts such as these continue to revolutionize how we live and transact. Banks are speaking about cryptocurrencies using BlockChain. They are beginning to utilize a technology which may drive the 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. The technology itself is complicated to understand and is in the early stages of presence and still evolving. Entrepreneurs and businesses around the world are looking at ways to utilize blockchain technology as it starts to become the big innovation of century. 

It is, for this reason, it's essential to understand what's blockchain technology? 

The blockchain is a peer-to-peer technology to simplify any transactions of value attached. Consider it as a program such as Uber - except rather than taking taxicab out from your equation to get you out of place A to place B, you  might take out any 3rd party body, if it be banks, authorities or streaming solutions, to be able to acquire anything from cash to land titles to audio royalties from individual A to individual B. The real advantage and benefits to the end-user side are - all the really technical, complex nuts and bolts of a blockchain process checking performed behind the scenes. 

Transfer of assets of value between peers is already sending the chill down the spine of financial institutions globally. This is a huge blow as well as the biggest opportunity to all existing financial institutions and system providers. 

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. Below are 10 things one should know about Blockchain.

  1. BlockChain is an algorithm enables transactions to be split into ‘blocks
  2. Blocks are then added to a ‘chain’ of blocks with the use of a cryptographic signature. Hence called Blockchain.
  3. Blockchain was first implemented in 2009 as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions.
  4. BlockChain implementation is described in paper published by Satoshi Nakamoto,
  5. There would not be Bitcoin, Etherum without blockchain algorithm
  6. The Blockchain is a shared public ledger (distributed) on which the entire Bitcoin network relies.
  7. All confirmed transactions are included in the Blockchain or blockchain.
  8. BlockChain transactions are broadcast
  9. BlockChain is an open ledger with all decentralized and immutable transactions.
  10. BlockChain can be used to exchange or transact any assets of value viz. money (BitCoin), smart contracts and it helps ensure trust between two peers without involving any third party.
  11. Blockchain is now often referred as a transactional layer, backbone, for the internet.
We have covered comparison of two hottest blockchain based implementations, BitCoin Vs Ethereum.

What's your opinion about BlockChain? Do tell us in comments below.

By Mandar Pise

Opinions expressed by techsutram contributors are their own.

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