What Are Blockchain Technologies?January 18, 2019
The new hype in the field of technologies is surely the blockchain technology. Blockchain was a much complex process and concept to understand when it was first introduced by Satoshi Nakamoto, the developer of Bitcoin. Bitcoin is a cryptocurrency which is used in the form of electronic cash across the globe. What binds the Bitcoin users and the value of the cryptocurrency is the blockchain.
Understanding blockchain better
A blockchain stores data in an undistributed ledger format where every block is connected through a blockchain. Bitcoin was launched in 2008 to give a competition to the fiat currencies like Euros, Dollars, and Yen which has different values across different locations of the world. As the blocks of information of the Bitcoin network is stored across the computers, there is no possibility of its breakdown due to a failure at the single point.
Till date Bitcoin’s blockchain has not come across a serious disruption in its blockchain network. Blockchain technology is gaining more limelight as it is considered as the unbiased technology wherein there is no control with any individual or a certain group of people. Blockchains are open-source eco-system which is shaping the face of the digital era. When such is the importance of blockchain technologies in the modern era, it is ideal for people to enhance their skills with Fintech courses.
Initially, though blockchain technology was introduced for the upbringing of Bitcoin crypto blockchain developers have found its potential use in various fields including health care, insurance, banking, infrastructure and more. Bitcoin which uses blockchain is so popular that it is often used as a synonym for cryptocurrencies. No wonder that the total value of Bitcoin has crossed USD 100 million till date. A bitcoin reconciles its transactions or blocks every ten minutes. Different nodes together form a blockchain.
Merits of blockchain technologies
- Since blockchain is deemed to be incorruptible, it is considered a revolutionary idea for upbringing new digital formats.
- The database in a blockchain technology is not stored in a single computer. Instead, it is spread across all the computers that use the blockchain. Thereby, it eliminates the central authorization of a network and eliminates or decreases the possibilities of getting corrupted.
- The blockchain is in a state of consensus which automatically checks it sown network every few minutes.
- A computer that is part of a blockchain automatically gets connected to other nodes and downloads the entire blockchain and starts validating and processing the blocks along with other systems.
- Blockchain technology has also gained prominence as they are decentralized networks which mean to say that Every single node acts as an administrator and participates in the process.
The blockchain is widely accepted and used for International remittances which finally eliminates the centralized authority of banks and other financial institutions. Blockchain has become an undeniable force which may craft the future phase of computing so much that the world GDP is expected to witness a considerable value due to blockchain oriented industries.