Blockchain may be a trend you’ve heard of. Many people are still unfamiliar with this but there is no need to be apprehensive. This is because the idea itself is not new. It’s actually been around for years. So what’s it all about anyway?
The main goal of the Blockchain concept (DLT) is to implement distributed ledger technology (DLT). What does this imply? It simply refers, in simple terms, to the most current financial transaction and record technology that uses peerto-peer tech to allow for real-time transactions. Although it originated on the Internet, the concept has spread to other areas, such as finance, software, and real estate.
Vitalik Buterin is one of the founders and leaders of the Blockchain project. This is basically a digital ledger that functions like the original internet, but is less fragile than the webbed Internet. The distributed ledger records transactions. This ensures that all parties to the transaction have the latest information at all times, and that no one can alter them. The distributed ledger is required to ensure that transactions are secure and cannot be reversed.
The Blockchain includes smart contracts. These are a type of virtual machine or computer program that can be programmed for certain tasks. For instance, theICO platform allows its users to create smart contracts that perform the function of collateral exchange, settlement management and other such transactions. Blockchains act as a kind of virtual machine or computer software that facilitates currency and other monetary exchanges. The concept is not limited to the currencies alone. Blockchain technology is also used to transfer and store financial instruments like stocks, bonds, or commodities.
An individual or organization’s personal information and data cannot be accessed without their consent. This is the very essence and essential feature of Blockchain technology. Transactions on the Blockchain are encrypted and the identity of the transactional user is masked. Transactions on the Blockchain are virtually safe and secure from unauthorized access.
The Blockchain is not like the public ledgers. It does not rely upon any third party to process transactions. The Blockchain does not allow for any unintended transactions and there is no possibility of theft. The public ledgers however are vulnerable to hackers, and it is possible for someone to tap your financial data. Blockchain transactions are transparent. They are managed by a group of users who are susceptible to being infected with malware. This means that hacking and phishing is very unlikely. If your digital ledger is hosted at a well-respected institution, you can rest assured that your data will be safe and secure.
The popularity of Blockchain has skyrocketed in recent years as more people realize its potential and reap the immense benefits it provides to everyone. Many financial institutions have adopted the technology to improve their internal processes. Financial institutions such banks, hedge funds or asset managers, as well as other financial institutions, are integrating the Blockchain technology into their systems. Many well-known companies, such as PayPal, MasterCard, Visa, and MasterCard, have already adopted the Cryptocurrency concept for internal purposes. It is evident that the use of the Blockchain is increasing as more individuals realize its virtues and the need for it among individuals.
Experts in Computer Science and Math are slowly accepting the concept of the Cryptocurency. Numerous renowned universities are studying the implications for their academic purposes. The developers are working to develop prototypes of the next generation cryptocurrencies, such as the Maidsafe and Counterpart, due to the growing demand. The future of the future may be bright as more people get involved in the concept and the competition increases and grows stronger between different cryptospace participants.
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