Come and read about blockchain details and information here. Especially, since the world is changing at a rapid pace with the arrival of Blockchain technology. Blockchain combines the openness of the internet with the security of cryptography. As a result, it gives everyone a faster and more secure way to verify key information and establish trust. With this in mind, we put together some useful information to help you get up to speed. Remember, all you need is an understanding, the details are for those who want more.
At its heart, blockchain is a record of transactions, like a traditional ledger. These transactions could be any movement of money, goods, or secured data. For example, a purchase at a supermarket or the assignment of a government ID number.
WAIT – Let’s make that more simplified for you. Blockchain Details Broken Out in Simplicity:
The blockchain is a huge, global, decentralized spreadsheet with no “Central” authority (i.e. government or credit card clearing house)
In the case of Coins/Cryptocurrency; it tracks what the balance of every account is.
With thousands of people (miners) across the globe store and maintain it with “special” (high powered and uniquely configured) computers.
Furthermore, the blocks contained within the blockchain consist of all the individual transactions sent and received through the blockchain.
When you access your Cryptocurrency Balances on STAKEBASE or any other Blockchain Wallet, you are seeing data on the blockchain. They are not in any one personal system.
More blockchain details and Benefits to all of us:
No more missed or corrupted transactions.
Certainly an end to human or machine errors. No more corrupt or broken databases.
Specifically, all involved parties’ consent are needed for transactions or exchanges to be made (no transaction errors)
Finally, the blockchain guarantees the validity of a transaction by recording it also on a connected distributed network of registers. All of which connect through a secure validation protocol.
The blockchain system brings the highest degree of accountability. In other words, no one can add, remove or change data without being detected. Because of this, all data is “public”.
Blockchain technology upgrades the Internet and explained best by considering it Internet 3.0. (Evolution of the Internet – better – safer – truth).
Initially, Blockchain helped create a digital currency. But the two are not the same. In fact, Blockchain can support a wide variety of applications. For example, peer-to-peer payment services, supply chain tracking and more use Blockchain technology. For sure, the tech community will continue to find more uses for Blockchain technology. Just like we witnessed the Internet change commerce; we are seeing Blockchain doing the same in processing future global transactions.
The blockchain is an undeniably ingenious invention – the brainchild of a person or a group known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater. For many the main question, everyone is asking, and we are here to help explain; is: What is Blockchain?
Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold” and it has proven to be just that. To date, the total value of the currency is close to $350 billion (probably far more by the time this is read). But it doesn’t stop there, Blockchains can make other types of digital value.
You do not need to fully understand Blockchain to use it:
You do not need to know how the blockchain works for you to use it. For example, most people just use the internet, smartphones, computers, or cars without in-depth knowledge. A distributed database – let us explain the blockchain details even more:
Simply, Blockchain uses a vast network of computers to share the information on the “global spreadsheet”. Additionally, the global spreadsheet regularly updates every secured and valid truth created. If you can grasp this concept, you have a basic description and understanding of blockchain. Some benefits to this process and function include:
Information held on a blockchain exists as a shared, and continually validated and reconciled database.
Thus, blockchain database isn’t stored in any single location making it truly public and easily verifiable.
In fact, no centralized version of this information exists for a hacker to corrupt.
For example, millions of computers host all blockchain data and is accessible to anyone on the internet.
In summary Blockchain provides Ultimate Security and Transparency-Truth.
Blockchain Details: Durability and robustness
Blockchain technology is similar to the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network; the blockchain:
To start with, Blockchain can not be controlled by any single entity.
Secondly, it has no single point of failure.
Finally, Blockchain data can not be corrupted or embezzled.
Blockchain details from the history of its Invention/Creation:
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any Bitcoin problems have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
Blockchain details on being Transparent and incorruptible
The internet itself has proven to be durable for well over 40 years. Moreover, this track record bodes well for blockchain technology as it continues to be developed for all uses globally.
The blockchain network lives in a state of constant consensus. Therefore, it is one constant consensus that automatically checks in with itself every ten minutes. This is a kind of self-auditing ecosystem of digital value. As a result, two important properties are characteristics of blockchain:
To begin with, Blockchain data is Transparent. Data is embedded within the network as a whole, thus by definition it is public.
Next, Blockchain cannot be corrupted. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.*
*In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
Blockchain details: A network of nodes
A network of computing “nodes” make up the blockchain.
A Node is a computer connected to the blockchain network using a client that performs the task of validating and relaying transactions. Thus, a Node 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 is an “administrator” of the blockchain. Each node joins the network voluntarily (in this sense, the network is decentralized). Furthermore, each one has an incentive for participating. For this reason, each node has the chance of winning Bitcoins by competing to solve and be verified as the solution.
Bitcoins are earned when proving proof of work is created and solved thus creating the “minted” blockchain of information. As a result of this effort, nodes are rewarded a specific amount of bitcoins for the completed block in the blockchain.
Blockchain is following in the footsteps of the Internet. As you may recall, the internet was once just a way to share “emails” and information. Then it expanded into massive commerce, jobs, and revolutionized the industry. Similarly, Blockchain is leading the evolution to the next level of technology based on decentralized solutions and “truth”.
Bitcoin-like cryptocurrencies are constantly being created and readily available. In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Lacking literally no barriers; Blockchain uses and solutions will be a part of our everyday lives now and in the future.
Blockchain details: The idea of decentralization
Decentralized technology created Blockchain
Anything that happens within the blockchain is a function of the network as a whole. Therefore, this presents some key implications being just realized now:
By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
Notably, Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. In fact, Global trading operating 24/7/365 with no market opening or closing is a distinct reality.
Subsequently, vital record keeping, like a land registry, is now fully public.
Altogether, a global network of computers uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Thus information is up-to-date and available at all times.
No none central authority manages blockchain. Rather, it is managed by its network. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, all forms of mass collaboration recording are possible with Blockchain’s “truth” creation.
Blockchain details and Information: Who will use the blockchain?
Currently, finance offers the strongest use cases for the technology. International transactions, for instance. As a result, over $430 billion in money transfers were made in 2015 according to the World Bank estimates.
You do not need to know about the blockchain for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.
Consequently, blockchain potentially cuts out the middleman for all types of transactions. Hence, new methods are being developed for generating and being part of creating new monetary gains at an incredible pace.
Jobs and Careers are abundant in the blockchain. At the moment, blockchain developers are in high demand. This is not going to slow down. Therefore, blockchain relevance will likely evolve into the use of virtually everything.
Access to the financial sector and the use of blockchain cryptocurrencies by the general public is a reality with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin. Moreover, “wallet provided the ability to store and access Bitcoin along with other cryptocurrencies. We recommend STAKEBASE for any blockchain wallet or ICO direction, need, or resource.
With Blockchain rapidly creating industries and many potential uses, this created a huge need for compliance, identification, and verification. Seeing that need, STAKEBASE is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.
Blockchain details and Information: Enhanced security
Blockchain’s security, validation, and “Truth” offered are revolutionary and necessary for total global solutions in all sectors. By storing data across its network; the risks of data being held centrally are eliminated.
Especially relevant to today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit.
Today’s internet has security problems that have plagued all of us. Actually, we all rely on the “username/password” system to protect our identity and assets online. Notably, Blockchain security methods use encryption technology. Therefore, Internet Security, along with almost all aspects of the Internet, has evolved with blockchain.
Blockchain’s public and private “keys” use encryption technology. With that in mind, a “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Thus when digital currency is sent across the network, the public key used for the transaction identifies the addressee. The “private key” is a string of letters and numbers that works like a password. It “unlocks” a blockchain address, permitting one party in a transaction to establish ownership of money, items, or information. When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding your private key.
Methods for safeguarding include:
Paper wallet by printing it outCold Storage Solutions. Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built in and secure recovery points. Click on the Image to order one today.
Blockchain details and Information: A second-level network
With blockchain technology, the internet (web) benefits from a new layer of functionality.
Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought by the blockchain new internet business are on track 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 published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year. Seems like even Goldman Sachs has underestimated this incredible new world of blockchain.
You feel like you are missing out? Do not. We can show you so many ways to get involved.
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This is a lot of information to take in. Therefore, we invite you to bookmark and come back for more information or just to review this information again. While the information provided will only increase your appreciation for this education on blockchain, there is nothing but growth and adventure for us all to witness. Hopefully, you will be like the thousands of others informed by our Blog on blockchain details here. Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services, and fun to be had by us all.
Key Blockchain Detains and Information Lingo
Address: A string of letters and numbers that uniquely identify it. Addresses are publicly viewable on the blockchain
Block(s) A database of information from multiple transactions, similar to a page in a ledger. Each block is time-stamped and those timestamps are used to order the blocks as they’re added to the blockchain
Hash: The hash is generated by the cryptographic makes blockchain secure. Each hash is unique to the block it came from (a digital fingerprint) of the original data.
Hash Function: The hash function is a piece of cryptographic math. It takes regular data and generates a short alphanumeric code. The function works in one direction. It’s easy to turn regular data into a hash but nearly impossible to reconstruct the original data from the hash.
Private Key: Is a string of letters and numbers that works like a password. It unlocks a blockchain address, allowing one party in a transaction to establish ownership of money, items, or information (Private key is a hash of the transaction address)
Smart Contract: Is a computer program with a fixed set of rules that have been agreed to by both parties in a transaction. When triggered, it can work with multiple blockchains to execute those rules.
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