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? Read the article to know What is Blockchain? And how does it work?
Of course, it is. And that’s why digital currency was invented by Satoshi Nakamoto, who invented Bitcoin as well as this technology. People know Bitcoin as digital Gold. Then, after various cryptocurrencies 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 comes with innovative technology to solve the digital currency issue.
What is Blockchain?
And now here we come to a great invention. What is Blockchain It is a frequently asked question among the Crypto enthusiast? It can reserve all types of cryptocurrency.
Generally, it is decentralized, redistributed public ledger. It’s contained and reserves all the transactions, which are transacted between computer to computer or other devices. It is to avoid any kind of retroactive without alteration of subsequent blocks.
Now, people regard it as a value exchange protocol. In 2018, it reached more than $2 billion in investment.
It is the cheaper, quicker and safer way to make the digital transaction of cryptocurrency with traditional systems. What is Blockchain
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 an internet connection can make any kind of transaction. In other words, if anyone wants to consume the opportunities proposed by the network can have the protocol locally without having to reveal 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 the network administrator invites anyone can join. Any type of permission can be public or restricted to an arbitrary extent. In this system, only chosen and specific entities will have the ability to create new transactions. It refers to this as the decentralized blockchain. Peer-to-peer transaction.
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Generally, It runs its system in semi-decentralization. In this system, a number of companies (Selected Node and Sub-node) operate a node on a network. Not a single organization controls 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, most 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 changes the internet world and makes it a better place in the economic system.
Moreover, there are more uses case: To get an idea of What is Blockchain?
- 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.