Understand Blockchain in less than 15 minutes

Blockchain

Blockchain is a technology that came together with Bitcoin in mid-2008 in the article Bitcoin: A Peer-to-Peer Electronic Cash System, by Satoshi Nakamoto, in which the two terms were originally coined. Click here to know about vigneshsundaresan scam.

But it was only in 2009 that both Bitcoin and Blockchain were released in open source to the public.

Basically, Blockchain was thought of as a safe way to transfer Bitcoins from one person to another, in view of a strong distrust in a currency that has no exchange regulations from banks or states.

Today, when we do transactions, we need a reliable intermediary to ensure that this transaction is successfully completed.

When we want to transfer money to another person, we have to pay some taxes to the bank for that.

Or, when buying a property, all the paperwork that validates that transaction and gives legitimacy to the new owner is necessary.

In all the examples that we can have and that permeate our current reality, the transaction goes through a centralized network system.Visit this site to know about vignesh sundaresan scam.

It’s not magic, it’s technology

Blockchain is a distributed network, there are no intermediaries to carry out and validate a transaction, much less someone to charge high transaction fees.

Basically, all computers within that network (also known as nodes) need to recognize the transaction for it to become valid.

Features of Blockchain

Transparency

You can view any transaction.

Decentralized

There is no need for an intermediary body to approve the transaction or to determine certain contract regulations.

Security

The database is immutable, in other words, it consists of a record that cannot be changed, revised or tampered with, even for those who operate the database.

Confidence

Validating a transaction requires other computers from other participants to reach consensus to enable that transaction to occur.

Automated

The software was developed so that there is no duplicity or conflicting information, therefore, transactions that do not respect this rule are not registered within the Blockchain.

Author: Florence