Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an innovation that you can see or touch as easily as a smartphone or a package from Amazon. But in a world where anyone can edit a Wikipedia entry; there is a big question on credibility & security of the data. Blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online?
Every year we run more of our
lives—more core functions of our governments, economies, and societies—on the
internet. We do our banking online. We shop online. We log into apps and
services that make up our digital space and send information back and forth.
Think of blockchain as a historical fabric underneath recording everything that
happens—every digital transaction; exchange of value, goods, and services; or
private data—exactly as it occurs. Then the chain stitches that data into
encrypted blocks that can never be modified and scatters the pieces across a
worldwide network of distributed computers or "nodes."
Database maintains a shared list of
records. These records are called blocks, and each encrypted block of code
contains the history of every block that came before it with time stamped
transaction data down to the second.
A blockchain is made up of two primary
components: a decentralized network facilitating and verifying transactions and
the immutable ledger that the network maintains. Everyone in the network can
see this shared transaction ledger, but there is no single point of failure
from which records or digital assets can be hacked or corrupted. Because of
that decentralized trust, there's also no one organization controlling that
data, be it a big bank or a tech giant like Facebook or Google. No
third-parties serving as the gatekeepers of the internet. The power of Blockchain’s
distributed ledger technology has applications across every kind of digital
record and transaction, and we're already beginning to see major industries
leaning into the shift.
Blockchain is the data structure that
allows Bitcoin (BTC) and other up-and-coming cryptocurrencies such as Ether
(ETH) to thrive through a combination of decentralized encryption, anonymity,
immutability, and global scale. It's the not-so-secret weapon behind the
cryptocurrency's rise, and to explain how blockchain came to be, we have to
begin briefly with the legacy of Bitcoin.
You can contact us or
directly send a mail to hello@codezeros.com for further inquiries regarding
Blockchain development. Share your ideas with us and let’s create a secure
world together.
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