Categories: Cryptocurrency

Is Blockchain the Greatest Pop-Song Ever?

Listen To This Article:

Blockchain Technology is taking over the world like one of those pop songs that go viral on all social media overnight and you find everyone talking about it. But the difference between these two is, The Blockchain will stay relevant way longer than any of the pop songs topping the BillBoard.

Basics Of Blockchain Technology

Blockchain operates on a shared record of transactions. It uses a peer-to-peer network of Computers to stay online. For those who are feeling a little lost here, here is a simple breakdown. The Blockchain is primarily used for exchanging money. In fact, many big companies accept Bitcoin and other AltCoins as a valid medium of payment. So when a buyer makes a payment through Bitcoin, this transaction is recorded. Later it is added to a chain of such completed transactions. Each transaction is referred to as a Block of Transaction. The sequence of the Transactions is very important here. And this is where the Miners come in. They deploy their computation power to validate the transaction.

Is it possible to alter the sequence of Blocks? Actually, it is theoretically possible, but that’s very difficult. Not only because it will stretch the human intelligence to the limits but also because the Peer-to-Peer network makes the Chain of Block almost unbreakable and unalterable. Moreover, the entire Blockchain network uses Cryptography. This is a special form of language used primarily for solving codes. This adds another layer of security to the entire network.

Why Use Blockchain?

The first benefit of using Blockchain is that it reduces the time required for processing transactions. In fact, by using Blockchain it is possible to complete a transaction in real-time. As Blockchain eliminates the need for a Centralized authority, it helps to bring down the Transaction Costs. And last and most important of all, no one can tamper the Block of Chains. Which makes it very secure. The traditional Transaction channels are exposed to several threats. For example Moral Hazard on part of  Bankers. This hazard is easily eliminated by using a decentralized network, taking the power from a central authority.

Wrapping Up!

Was this blog helpful? Please let us know what other topics we should cover on Blockchain. In the meantime here is a quick blog on Bitcoin Mining.

Published by
Akash Kumar Biswas

Recent Posts

How to Share WiFi Password on iPhone

Apple introduced a new feature "Share Your WiFi Password' with the release of iOS 11. This features can automatically fill…

12 hours ago

Ulo Interactive Home Monitoring Owl

Ulo is an interactive security surveillance camera. The reason it comes in a friendly looking owl shape is that Ulo…

1 day ago

OptiShokz Revvez: Bone Conduction Audio Sunglasses

AfterShokz's bone conduction technology, delivers a totally tuned-in audio experience unlike anything else before it. But it's not only a…

5 days ago

How To Use Android 9.0 Pie’s Gesture Navigation, And How To Turn It Off

With Gesture Navigation, Android 9.0 users can now use Swipes as well as Taps to navigate across their Smartphone devices.

1 week ago

Top Apps To Plan Your Party To Perfection (Android & Apple)

If you are planning a party, you must use a Party Planning App so that everything happens according to plan…

1 week ago

How To Use Dark Mode On Facebook (Android & iOS)

One of the most highly anticipated features since the launch of Messenger 4, is Dark Mode. It's a nifty new…

1 week ago