Cryptocurrency

Blockchain – what is the buzz about?

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While it’s new technology and new technologies & products needs years and sometimes decades to get in everyone’s mind still I bet you have heard about Blockchain or at least about Bitcoin, haven’t you?

Bitcoin took 2016 & 2017 with the storm and became one of the most profitable investment resources for everybody, starting from big companies and investors, ending with ordinary people (and even kids) who invested just a few dollars and still got nice profit.

Furthermore, Bitcoin have become one of the first and most expensive cryptocurrency of all time, crossing eye catching $20K for just one Bitcoin while it’s price started from cents just few years before.

I bet again you have heard many times that Bitcoin is a new type of currency and its success and flexibility is based on Blockchain technology. That’s right, Blockchain is powering Bitcoin and it is the real reason why Bitcoin could out price all and any currencies and why it could do everything that none of other online or real world currencies could.

What’s Blockchain exactly and how does it work?

Blockchain is very smart, complex and secure technology that gives out possibilities that was never possible before. It has number of advantages over other technologies and opens new doors for everyone, and that’s the best part! Everyone can win from blockchain software whether you’re a large company like Google or IBM or you’re just a single person having your own small business.

It doesn’t happen often that new technology comes out and in just a blink of an eye changes entire landscape of the internet and the whole world, beating exiting technologies that were around for decades and is backed up and maintained by big, big companies and thousands of developers. Well, Blockchain did just that and brought number of new possibilities for everyone for much less effort and fees but with extreme security.

So how does Blockchain works exactly and why it’s so great?! As mentioned above, it’s very smart and complex technology, so you don’t need to dig down about how it works in the core level but for useful basic knowledge here’s how it works:

Blockchain is set of blocks, each includes some information that can’t be erased or edited even for root or core users.

Each block is connected, chained to previous block and if you need to add any information you need to chain new block. All blocks and chains are stored in the cloud, connected with thousands of computer.

To add any new block each computer has to process mathematical algorithms to verify it and accept addition. You can’t add new information to the network if even one computer didn’t accept it.

As each block can’t be deleted or modified, if you need to change any information or code included in block you need to add new block for it and the whole system has to verify it and accept the change while it’s previous version stays untouched and anyone can see how things worked before.

As there are thousands of computers connected to Blockchain all around the world, each verifies new block and each one’s approval is required for any changes. It’s extremely hard to hack the system and inspect any malicious code of script.

In other words, while in other technologies you need to hack one computer and database to hack the system, in blockchain technology you need to hack thousands of computers all at the same time to hack it. Needless to say it’s nearly impossible and nobody has come even close to hacking Blockchain based systems.

How can you profit from Blockchain

The profit is great for all of us, we get more secure and reliable environment so we can all focus on what’s important and don’t worry about some nasty hacker cracking down everything and causing major destruction.

By using Blockchain technology in any business, whether it’s very small, average or even as large as Apple or Microsoft can save a lot money on security and use only Blockchain technology that’s much more cheaper than any other alternative. In results, they can allocate their resources on improving their services and make it available for more people.

Also, even if you aren’t a big investor and have got only few bucks of money, you can still easily invest in blockchain technology based services like Bitcoin, Ethereum, Litecoin and many others and get nice profit if you’ll make right moves on the right time!

Raj Hirvate
Hi, I'm Raj Hirvate and I am a Tech Blogger from India. I like to post about technology and product reviews to the readers of my blog. Apart from blogging i'm a big Anime fan I Love Watching Naruto, One piece and Death Note.

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