• Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News
    mining

    Increased Demand Requires Increase in Nodes. Here’s Everything You Need to Know About Bitcoin Mining During Lockdown

    Bitcoin wallet

    BitcoinOfficial.org- Create a Bitcoin Wallet. Official Website.

    Bitcoin price

    What Drives Bitcoin Price?

    Mining

    Railway Authorities in Ukraine Shut Down Unlawful Mining Outfit

    Bitcoin

    Economic Crises Will Not Affect Bitcoin: Ledger Founder

    Supply and Demand

    Bitcoin’s Demand and Supply Dynamics are Constant: Bitwise COO

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar
    price prediction

    Bitcoin, Ethereum, and Ripple Price Prediction in June 2020

    XTZ

    TEZOS (XTZ) Join the Top 10 Crypto Coin List

    MakerDAO

    MakerDAO to Implement New Security Feature After Loophole Detected in System

    BCH

    BCH Successfully Completed a Scheduled Fork, Added Minor Upgrades

    CUSD Stablecoin

    Canadian BVCI Launches Another Stablecoin CUSD

    EOS network

    EOS Network Is Running on Borrowed Resources After EIDOS Airdrop

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    How to Make the Right Decision before Investing in Crypto

    How to Make the Right Decision Before Investing in Crypto

    Decentralized Marketplace

    What are Decentralized Marketplaces?

    Cryptocurrency is Here to Stay

    5 Reasons Why Cryptocurrency Is Here to Stay

    Web3 Pets

    Spotlight on Web3 Pets – Will 2023 Be Their Year?

    Crypto Swapping

    A Definitive Guide on Swapping Cryptocurrency

    crypto casino games

    What Are the Most Profitable Crypto Casino Games?

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

What Is Blockchain? – Beginner’s Guide

Vladimir C. by Vladimir C.
July 13, 2018
in Cryptocurrencies

The daily churn of news about Bitcoin and cryptocurrencies that’s headed our way can be somewhat overwhelming. At their core, the concept of blockchain seems to be prevalent. Blockchain has become the industry’s buzzword that seems to be on everyone’s lips. But, what exactly is blockchain, how does it work, and why is it so important?

To answer all these questions, we have created a comprehensive beginner’s guide which will hopefully help you comprehend the basics of blockchain technology.

What Is a Blockchain and How Does It Work?

The first blockchain came into existence with the launch of the first cryptocurrency, Bitcoin. Just like Bitcoin, the blockchain is also the brainchild of the enigmatic person (or group of people) called Satoshi Nakamoto.

In theory, the concept behind blockchain technology is pretty simple. The goal was to send payments in digital form with guaranteed anonymity between two parties and without the need for an intermediary to verify the transaction.

You can think of blockchain as being a very simple decentralized database or as a document that cannot be forged. This means that no single entity can ever control the information on the blockchain. No single entity is trusted because the system relies on the agreement provided by multiple entities instead.

To put it even simpler, a blockchain is an append-only transaction ledger. Its name derives from the fact that the information is stored into blocks. Once the information for a block is completed, it is added to the ledger. After this process is completed, the ledger starts a new block.

This means that the ledger can write new information, but the one already stored in the blocks cannot be adjusted, changed, or moved. Transactions in the blockchain are validated through a process called mining.

tech

Consensus

The consensus is one of the defining aspects of blockchains. A large number of computers connected to the blockchain actually reduce the chances of attacks or other malicious actions. To be able to accomplish anything on the network, say add transactions, one needs to solve a mathematical proof. All the computers connected to the network receives a copy of the blockchain that is downloaded automatically, and they all have to agree on the solution.

The Hash Function

Another aspect of blockchains is the hash function. This technology transforms text into sets or strings of numbers and letters. It’s basically a mathematical function that converts a variable number of characters into a string with a fixed number of characters. Evidently, even the smallest change in a string will result in a completely new hash. For all the reasons mentioned above, blockchains are extremely secure.

Uses of Blockchain Technology

Even though blockchain technology has proven its worth and it is rightfully associated with cryptocurrencies, it has valid applications in many other areas of our society. Blockchain’s biggest area of usage is in the finance sector, as more and more financial institutions are looking to improve their business and take advantage of what the tech brings to the table (instantaneous transactions being the main advantage).

Smart Contracts

Since Bitcoin’s launch, people have started to discover that blockchain can serve as an efficient platform for “smart contracts.” Smart contracts can be defined as digital contracts that can bypass intermediary services. Therefore, they can be used to exchange various assets in a straightforward and conflict-free way.

Smart contracts have become associated with the world’s second most popular cryptocurrency, Ethereum. These programmable contracts are stored on the blockchain until specific conditions are met. Once the conditions are met, the contract self-executes by automatically performing the transaction it was programmed to implement.

In short, with the help of the so-called smart contracts, agreements can be validated and enforced automatically. This not only reduces the need for mediators, but it also saves time and ensures a bottleneck-free contractual transaction environment.

Other uses

Other noteworthy domains where blockchain proves to be particularly effective are supply chain management, quality assurance, accounting, the food sector, smart contracts, stock exchange, peer-to-peer transactions, and land title registration.

For example, since blockchain technology offers various advantages such as enhanced traceability, it’s a perfect platform for supply chain management solutions. Blockchains can be used to accurately keep track of the movement of goods and assets.

Blockchain technology can also serve as a very efficient means to eliminate human error. Once again, the blockchain’s traceability is what recommends this technology for accounting. Another advantage would be the minimal costs involved, as accounting companies using blockchain technologies could very well join together records for absolute transparency and efficiency.

Just like in the case of accounting, land title registration requires precise, transparent, and hack-proof record keeping. As we all know, voting is an activity that requires a fair share of trust. Blockchain technologies, if implemented correctly, could very well cut down on the likelihood of electoral fraud.

Australia has made various headlines by having its stock exchange switch to a blockchain-powered platform. Considering the open transparent and secure nature of most blockchain systems, it won’t be surprising to see that more and more such institutions will follow in Australia’s footsteps.

We are currently seeing big adoption rates of cryptocurrencies especially in the case of people who deal with lots of international transfers. Hence, probably the biggest merit of blockchain technologies is the fast, cheap, and secure peer-to-peer transfer of assets and funds across the globe. With blockchain technology, these international fund transfers are more secure, and a lot less restrictive.

bitcoin

Bottom Line

The technology around blockchain is expected to evolve in the following years, as more and more businesses will adopt it for its plethora of benefits. Blockchain is responsible for making transactions faster and cheaper and, most importantly, a lot more secure.

Currently, blockchain is mostly associated with Bitcoin and other cryptocurrency projects, but the truth of the matter is that the potential this technology boasts transcends the domain of virtual currencies. We can safely say that blockchain is indeed a revolutionary technology that has the potential to change multiple aspects of our lives.

Tags: BlockBlockchainConsensusDecentralizationHashLedgerNetworkTraceabilityTransaction
Previous Post

What is Cryptocurrency? - Beginner's Guide

Next Post

Russian Agents Used Bitcoin (BTC) to Sponsor Hacking Attacks on U.S. Elections

Vladimir C.

Vladimir C.

Invest at your own risk notice : The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

Related Posts

3 mistakes to avoid when exchanging your crypto assets

3 Mistakes To Avoid When Exchanging Your Crypto Assets

by Bogdan Cretu
July 13, 2022

Crypto has become one of the buzzwords in the modern era. Almost every day, you can hear news about the...

best crypto airdrops

List of the Best Crypto Airdrops for July 2022

by Aggrey A.
July 1, 2022

Another month is here, and crypto enthusiasts have another opportunity to claim themselves airdrops that are active in July. This...

Where to Buy Evergrow Coin

Where to Buy EverGrow Coin – A Complete Beginners Guide

by Aggrey A.
June 20, 2022

Where to buy EverGrow coin? the answer is here. There has been exponential growth in the cryptocurrency market, leading many...

How to Buy Elongate

Where and How to Buy Elongate – Beginners Guide

by Aggrey A.
June 9, 2022

How to buy Elongate, and where to buy this coin? The answer is right here. Elongate began its trading journey...

usd coin price prediction

USD Coin Price Prediction 2022: Market Analysis and Opinions

by Aggrey A.
May 9, 2022

USD coin was launched in 2018 as a product of Center Consortium and supported by Coinbase and Circle Internet Financial,...

JASMY price prediction

Jasmy Price Prediction 2022: Market Analysis and Opinions

by Aggrey A.
May 5, 2022

Every day things are coming online. It is not just computers and mobile phones anymore, making this Jasmy price a...

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

Guides & Reviews

How to Make the Right Decision before Investing in Crypto

How to Make the Right Decision Before Investing in Crypto

January 18, 2023
Decentralized Marketplace

What are Decentralized Marketplaces?

January 16, 2023
Cryptocurrency is Here to Stay

5 Reasons Why Cryptocurrency Is Here to Stay

January 11, 2023
Web3 Pets

Spotlight on Web3 Pets – Will 2023 Be Their Year?

January 10, 2023

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.