Block Chain is the technology behind the Cryptocurrencies like Bitcoin and Ethereum. It is a growing record of records called blocks. Block Chain serves as an open distributed ledger that records transactions in secure and verifiable ways through a complex mathematical calculation.
Crypto-currencies relies on a system of recording transactions, called public block chain. The process by which nodes confirms the record of previously verified transaction is called consensus protocol. In the bitcoin system, because no user is implicitly trusted to verify transactions, all users follow an algorithm that verifies transactions by committing software and hardware resources to solving a problem by brute force . This allows the participants to verify and audit transactions inexpensively. They are authenticated by mass collaboration powered by miners. The result is a robust workflow where participants' uncertainty regarding data security is marginal. The use of a blockchain removes the double spending problem of digital assets.
This said, blockchain have very big future than the cryotocurrencies. Blockchain can be used to create digital identity to assure purchase history and secure belongings. For example: to obtain the paper identity of assets like lands, house, cars the process takes about two days. It needs to make sure that the record is held secure. However, things can drastically change with blockchain. Using the solution blockchain provides to double spending, identity of assets can be transfered from one to another within minutes and the transaction is verified within blockchain network by mathematical rules.
Blockchain matters more than you think. It is the next internet. Blockchain is going to have a serious impact in our lives. After all changes come and make impacts more than we think.
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