MyPage is a personalized page based on your interests.The page is customized to help you to find content that matters you the most.


I'm not curious

About Blockchain Technology

Published on 28 March 18
0
0

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:

Be controlled by any single entity.
Has no single point of failure.


Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin 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.)

The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes. A kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minute intervals. Each group of these transactions is referred to as a block. Two important properties result from this:

Transparency data is embedded within the network as a whole, by definition it is public.
It cannot be corrupted altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
Node:
(computer connected to the blockchain network using a client that performs the task of validating and relaying transactions) 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.

Every node is an administrator of the blockchain, and joins the network voluntarily (in this sense, the network is decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins.

Nodes are said to be mining Bitcoin, but the term is something of a misnomer. In fact, each one is competing to win Bitcoins by solving computational puzzles. Bitcoin was the raison d’etre of the blockchain as it was originally conceived. It’s now recognized to be only the first of many potential applications of the technology.
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:

Be controlled by any single entity.
Has no single point of failure.

Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin 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.)

The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes. A kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minute intervals. Each group of these transactions is referred to as a block. Two important properties result from this:

Transparency data is embedded within the network as a whole, by definition it is public.
It cannot be corrupted altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
Node:
(computer connected to the blockchain network using a client that performs the task of validating and relaying transactions) 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.

Every node is an administrator of the blockchain, and joins the network voluntarily (in this sense, the network is decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins.

Nodes are said to be mining Bitcoin, but the term is something of a misnomer. In fact, each one is competing to win Bitcoins by solving computational puzzles. Bitcoin was the raison d’etre of the blockchain as it was originally conceived. It’s now recognized to be only the first of many potential applications of the technology.

This blog is listed under Development & Implementations and Data & Information Management Community

Related Posts:
Post a Comment

Please notify me the replies via email.

Important:
  • We hope the conversations that take place on MyTechLogy.com will be constructive and thought-provoking.
  • To ensure the quality of the discussion, our moderators may review/edit the comments for clarity and relevance.
  • Comments that are promotional, mean-spirited, or off-topic may be deleted per the moderators' judgment.
You may also be interested in
 
Awards & Accolades for MyTechLogy
Winner of
REDHERRING
Top 100 Asia
Finalist at SiTF Awards 2014 under the category Best Social & Community Product
Finalist at HR Vendor of the Year 2015 Awards under the category Best Learning Management System
Finalist at HR Vendor of the Year 2015 Awards under the category Best Talent Management Software
Hidden Image Url