Blockchain

If you’re an avid tech blog reader, you’ve probably come across the hype that is Blockchain. Experts have been attempting to get a head start on why it is such a popular topic these days. For starters, Blockchain technology is a recorded series of data that is immutable. This recorded data is managed by a chain of computers that are not particularly owned by one individual. Think of it as a growing chain that functions thanks to something called cryptography. Also, it is designed in such a way that gives it resistance against any sort of data modification. 

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Key Features

  • The Data Chain

    Like we said earlier, Blockchain is a “growing” data structure. This structure is compiled in the form of blocks (virtual of course). How does it start? Well, it begins with a genesis block that is the first block. As the data being recorded increases, the blocks increase as well. This “chain” is the sequence of blocks that are all linked to each other.

  • Untouchable Information

    The term ‘immutability’ that was linked with the features of this structure, is one of the main reasons for its hype. The word basically means that once data is stored within Blockchain, it cannot be tampered with or modified. We mentioned it earlier, but it is cryptography that allows this security to happen.

  • Protecting Data

    Usually on the internet what happens is that we would make an individual account to secure any type of information. Google is a good example as one account created connects you to various other platforms under Google. However, you won’t have to create any sort of account for Blockchain. In fact, all units of Bitcoin get stored on the ledger directly. Key pairs are made and each user has their own in a public or private form which they can use to access Bitcoins.

  • Decentralized Digital Ledger

    This hardware wallet is probably one of the most prominent features of Blockchain. This ledger is available to share among several private users and groups. A message is released whenever a new block is created to ensure only the latest versions. The best part is that you won’t have to fear losing data since it is available to access on several devices.

  • No More Double Spending

    Double spending refers to when the user simply takes the risk of spending the same units twice. Still confused? Think of it as a WhatsApp user sending the same message to almost all their contacts. It leaves the irrelevant contacts confused right? Although there’s no harm in sending mere messages we wouldn’t want to make any mishaps where money is involved. The decentralized ledger helps avoid this by providing voting options to keep particular transactions on new blocks. This way you’ll know how much you’re spending and if you’re doing so unnecessarily twice or not.

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