BLOCKCHAIN TECHNOLOGY

IMG SOURCE

The BLOCKCHAIN, created by the person or persons who use the nickname of Satoshi Nakamoto, does not doubt that it is genius, has become more and more important and has become the goal of a problem that everyone has in mind. "What is this block chain?"
Allowing the digital data not to be copied but to be distributed, the block chain is the backbone of a brand new internet line. Although the digital currency is actually prepared for Bitcoin , the technology mosque is finding new potential uses for this technology. Just like on the internet or in cars, you need to know how it works to use the block chain. But as you gain familiarity with this new technology, why do you understand revolutionary technology better.
Distributed Database- Consider a chart of accounts that are copied and distributed thousands of times to a network of computers. Then imagine that this network is designed to update the table regularly. That's where you start to understand the block chain. Information in a block chain continues to exist as a shared and constantly updated database. There are obvious benefits of using the network in this way. As the block-chain database is not stored in a single location, the records are clear and easily verifiable. There is no centralized version of this information that hackers can access. Because it is hosted on millions of computers at the same time, everyone in the database can access the database.
The block chain has an internal strength, just like the internet. Since the same information blocks are stored throughout the network, the block chain:

• It can not be controlled by a single institution or organization.
• It does not have a single point of breakage.

Bitcoin was invented in 2008 and since that day Bitcoin continues to work on the block chain without any major problems. So far, all the problems Bitcoin has experienced are either hacking hacks or administrative mistakes. In other words, these problems stem from malicious intent or human error; not because there are errors in the underlying concepts. The Internet has been able to survive for 30 years. This is good news for block-chain technology that is still under development .

Network of Nodes

The block chain is composed of "nodes" that calculate. A node is a computer that is connected to a block network chain and runs a client that is responsible for acknowledging and transferring transactions. When nodes are transferred to the block-chain network, they automatically download a current copy of the block-chain. The nodes that come together form a second level and strong network that is completely different from the current operation of the Internet. Each node is an administrator on the block chain and joins the network voluntarily. In this respect, it can be said that it is not the center of the network. However, there is a reward for each node joining the network: the chance of winning bitcoin.
The fact that the nodes do "mining" is actually a misnomer. In fact, each node competes with each other to solve computational puzzles. Bitcoin was at the center of the block chain at first. Nowadays, this technology is considered to be only one of a myriad of applications: Today, the number of Bitcoin-like crypto currencies exceeds 700. Also, the potential adaptations of the original block-chain concept are now underway or in development. The block chain is a decentralized technology. Everything that happens in the block chain affects the entire network. It has some important consequences.

IMG SOURCE

Identity Management

There is no doubt that better identity management is needed on the web. Authentication is the weak point of all financial transactions that occur over the Internet. However, solutions against security risks that come with the trade on the web are not good at all. Distributed registries offer the opportunity to quantify improved methods and personal documentation of proof of who you are. Having a secure identity will also be important for online interactions in the sharing economy. Having a good reputation as a result is the most basic requirement of internet shopping.

@COINKAZAN

• Blockhain News
• Cryptocurrency News
• Hodl
• Trade
• and others...