BLOCKCHAIN TECHNOLOGY; A Bang-up Revolution

  • BLOCKCHAIN TECHNOLOGY; A Bang-up Revolution

    BLOCKCHAIN TECHNOLOGY; A Bang-up Revolution

    Do you know? Why everybody is talking about the Blockchain technology today? Yes of course there are several good reasons for its hype.

    It is the most innovative and revolutionary technology of the day which is invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency or virtual money. Blockchain is actually incorruptible digital ledger that introduced a better, secure and transparent financial system.

    It is rather an awesome concept to solve the manipulation problems in transactions. It has a constantly reconciled record of transactions, shared by many nodes (client’s computers) it’s truly public which makes verification easy and prevent double spending, this all create validity. The database is not centralized, not stored at any single location to avoid vulnerability so zero chance for the hacker to defraud.

    This idea of decentralized let the creation of cryptocurrency the digital or virtual cash, it is the main part of the digital payment system and make this awesome invention feasible.

    Many digital currency have been introduced so for, for instance Bitcoin, Ethereum, Ripple, cardano, Litecoin, stellar. The most notable among digital currency is bitcoin that is thought to be Digital gold and digital cash but whatever you call it, Bitcoin is a revolution that is changing the way people think about and use money, it is first cryptocurrency released as open source software in 2009. It is a decentralized peer-to-peer payment system that has no central authority or middlemen its whole power lies in its users.

    Most cryptocurrencies have an official wallet. It is secure way to store, send, and receive digital currency like Bitcoin, ripple etc. Actually digital cash itself is not stored in a wallet, rather it is a private key that shows ownership of a public key (a public digital code connected to a certain amount of currency) and allows to use it as personal ledger of transaction. Basically it is an app that connects directly to clients. Some wallets offer more than one method of accessing the wallet online, desktop and mobile app.

    sjaffar

    Leave a comment

    Required fields are marked *