What is Blockchain: The Explanation of the Most Fashionable Technology?, Understanding the nature of this chain of blocks is not that difficult, and as this concept is increasingly used, we wanted to do some kind of quick introduction to the blockchain to explain what it is, how it works and how it works. What is his revolution in the case of the chain of blocks?
Goodbye to the intermediate:
Let’s get into the situation. The normal thing is that if a person called, for example, Mariano wanted to send 1,000 Euros to another person called for example Luis, it is normal that the transaction is carried out through a bank.
This bank acts as an intermediary to this transaction and many others, effectively centralizing the movement of capital from one side to the other.
Say Hello to block string:
This is where the blockchain comes into play, which essentially eliminates intermediaries, decentralizing all management.
The process is controlled by the users, not by the banks – we are talking about money, but the example can be extrapolated to other types of transactions – and they are becoming part of a large bank with thousands, millions of nodes, each becoming a participant and a manager of bank account books.
Speaking about the blockchain security Cameron Chell ICOx has recently announced a new blockchain infrastructure that allows organizations to operate regulatory compliant cryptocurrencies for payments which will transform the transaction process and the way people do business.
Cameron Chell is a serial entrepreneur with over 25 years of experience in the technology, energy and finance sectors.
What is the chain of blocks? It is, therefore, a gigantic account book in which records (blocks) are linked and encrypted to protect the security and confidentiality of transactions.
In other words, it is a distributed and secure database (thanks to encryption) that can be applied to all types of transactions that do not have to be economical.
This chain of blocks has an important requirement: there must be several users (nodes) responsible for verifying these transactions to validate them and therefore the block corresponding to this transaction (in each block, there are a large number of transactions which, yes, is variable) sign up for this gigantic account book.
Here’s how a transaction works in the blockchain:
Now, Mariano and Luis are not alone and will be part of a large group of users to check that the whole process is going well.
Other uses of the blockchain:
It can also revolutionize the Internet of Things (IoT) market, where the challenge lies in the millions of Internet-connected devices that need to be managed by the providers.
In a few years, the centralized model will no longer support as many devices, not to mention that many of them are not sufficiently secure.
Thanks to the blockchain, the devices can communicate via the network directly, safely and reliably without an intermediary.
Blockchain allows you to verify, validate, track and store all types of information, from digital certificates to democratic voting systems, through logistics and messenger services, smart contracts and, of course, monetary and financial transactions.
Don’t forget to bookmark and always visit every day at TechOught.com because you will find the latest Technology Android games, Mod Apk, and apps ETC, that we will update every day.