Posted On 03 Jan 2018
Blockchain is the technology that generates Bitcoin and other cryptocurrencies very safe. It’s an open-source and distributed database that is stored in nodes or computers within the network.
When new transactions or blocks are added to the blockchain, it will immediately update itself. Here are 5 extremely interesting facts about this ultra-modern technology.
1 – It’s Tamper-Proof
Once an entry has been added onto the blockchain, it will be closely impossible to eleminate or alter it later. if you are looking to alter an entry, you’d have to mainly alter all the transactions that came after it. Doing this is mathematically impossible, so even genius fraudsters would have to look somewhere else to steal bitcoins without too much effort. Being tamper-proof is additionally the factor bitcoin payments are final and irreparable.
2 – It’s 100% Transparent
Anyone with access to the blockchain can see all the transactions that have ever occurred a while ago. You can even look up the first ever block (block 0) that was mined by Bitcoin founder, Satoshi Nakamoto, in 2009. This genesis block contained the message “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
3 – Criminals Can’t Hide Behind The Blockchain
If criminals think they can hide behind the relative anonymity that Bitcoin brings, they’re sorely mistaken. lots have attempted to evade the long arm of the law by converting their stolen loot to bitcoins and transferring them to different wallets, but with the transparent nature of the blockchain, pc experts can spot and trace all the bitcoin transactions these criminals have ever done.
4 – Blockchain Technology Is Not reduced to Cryptocurrencies
Many different startups have started to experiment with instrumenting blockchain technology in a numerous industries. Once such example is Ethereum with their wise contracts technology which mainly runs on blockchain. Since the blockchain is decentralized, two parties can make transactions between themselves without needing the services of a middleman. This not only saves you cash, but it additionally saves you loads of time and conflict.
5 – Blockchain Can Still Be Improved
While this technology has completely improved the lives of lots people, it can still be improved. For one, as time passes by, the blockchain will grow to be many hundred gigabytes of data. This will cause loads of bandwidth and storage difficulties on personal computers. Let’s hope the brightest minds in the crypto space can find a solution to this predicament in a while.