The blockchain is undoubtedly an ingenious invention in regard to the modern digital world. The world is now becoming more virtual than physical. All sorts of transactions are going through the digital way. So, why not the currency should not be digital?
Of course, it is. And that’s why the digital currency was invented by Satoshi Nakamoto, who invented the Bitcoin as well as this tecnology. People know Bitcoin as digital Gold. Then, after various cryptocurrency have been invented by different ingenious buddies.
But, the problem occurs for its reservation. If you have physical currency, you must reserve it in your wallet or bank. But, in this digital case what would you prefer? Blockchain come with an innovation technology to solve digital currency issue.
What is Blockchain?
And now here we come to a great invention. It can reserve all types cryptocurrency.
Generally, it is a decentralized, redistributed public ledger. It’s contains and reserve all the transactions, which are transacted between computer to computer or other devices. It is avoid any kinds of retroactive without alteration of subsequent blocks.
Now, people regard it as a value exchange protocol. In 2018 it reached more than $2 billion investment.
It is the cheaper, quicker and safer way to make the digital transaction of cryptocurrency with traditional systems.
The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user. This transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.” – Marc Andreessen
Types of Blockchain
Currently, only three types of Blockchains are available. They are Public, Private, and Consortium Blockchain.
Usually, It does not have any access restrictions. Anyone with internet connection can make any kinds of transaction. In other words, if anyone wants to consume the opportunities proposed by the network can have the protocol locally without having revealing his/her own identity. Such as, if anyone wants to download Bitcoin by their wallet, the only condition is to have an internet connection. For example, public Blockchain.
It is a restricted protocol. Restriction of participant and validator access. An organization centralized all permissions and rights. When network administrator invite anyone can join. Any types of permission can be public or restricted by an arbitrary extent. In this system, only pre-chosen and specific entities will have the ability to create new transactions. It refers this as the decentralized blockchain. Peer to peer transaction.
Generally, It runs its system in semi-decentralization. It this system a number of companies (Selected Node and Sub-node) operate a node on a network. Not a single organization control it. It has two part, one is public and another part is private. Here, pre-selected companies of node control and operate the consensus process, but other groups, nodes, and companies are permitted to participate in new transactions.
Uses of Blockchain
Though it is playing many roles as a distributed public ledger for cryptocurrencies, mostly Bitcoin exchanges. Moreover, it is spreading its branches to hold many facilities for its clients. Key fields of its uses are:
Many cryptocurrencies use it as a distributed ledger to record transactions. Especially, Bitcoin and Ethereum networks are Blockchain-based. So, Blockchain technology change the internet world and make a better place on the economy system.
Moreover, there are more uses case:
- Supply chain management
- Quality Assurance
- Smart Contracts
- Stock Exchange
- Energy Supply
Click Here to know more about how to open and secure your Blockchain wallet.