What does blockchain mean?


Blockchain is a unique invention: the brain of an individual or group known as Satoshi Nakamoto. But since then it has evolved into something more important, and the central question everyone asks is: What is a blockchain?

By allowing digital data distribution but not copying, blockchain technology has created a new kind of Internet backbone. Originally designed for digital currency, the Bitcoin community technology (Buy Bitcoin) now finds other potential benefits of the technology.

Bitcoin is called “Digital Gold” and for a good reason. So far, the total value of the currency is close to 9 9 billion. And blockchain can create other types of numerical values. Like the Internet (or your car), you don’t have to know how the blocker uses it. However, the basic knowledge of this new technology demonstrates why it is considered revolutionary.

Blockchain stability and resilience

Blockchain technology is an integral part of the Internet. By storing identical data blocks on your network, blockchain cannot:

1. There is no single point of failure.

2. To be controlled by any single entity.

Bitcoin was invented in 2008. Since then, the bitcoin blockchain has worked without significant barriers. (So ​​far, all the problems related to Bitcoin are due to hacking or mismanagement, in other words, these problems arise from bad ideas and human errors, not from basic imperfections).

The Internet itself is about 30 years old. This is a record that is good for blockchain technology because it is still evolving.

Who will use the blockchain?

As a web infrastructure, you don’t need to know the chain of blocks to be effective in your life.

Currently, the use of money offers the most influential cases of the use of technology. For example, international financing. The World Bank estimates that more than িয়ন 40 billion in remittances were sent in 2015.

Blockchain potentially reduces the number of intermediaries for such transactions. Personal computing has become more accessible to the general public through the graphical user interface (GUI) inventory, which has transformed the “desktop”. Also, the most common GUIs designed for blockchain are called like this. Wallet applications are used by people to buy things with Bitcoin and store them with other cryptocurrencies.

Online transactions are closely related to the identity verification process. It is easy to assume that portability applications changed in later years to include other types of identity management.