I have been attentive to this new technology that they call "Blockchain" since its birth, since, the applications and use related to this have advanced exponentially; and while there is certainly more adoption missing in the world, without a doubt this will be the future of a new digital era without precedent, which by the way we are already living and that is accelerating much more each time.
For this reason, in this publication I want to define what this technology is and the most essential aspects that must be taken into account, in order to know how it works or at least give a brief introduction to all the new users who do not know it.
What is the Blockchain?
The Blockchain is defined as a Distributed Bookkeeping Technology (DLT), which is totally immutable, censorship resistant and decentralized. As well as being like an accounting book, it registers each of the transactions that are made in a kind of text files called Blocks.
As it is decentralized, it makes it impossible for a "dishonest actor" that participates in the network to take control of it and consequently make changes in it, thus granting it the very powerful characteristic of IMNUTABILITY, which I already mentioned, in short, it is this characteristic that makes the information stored in the DLT to remain unalterable. It is precisely this ability that prevents such important considerations as double spending from being executed, giving Bitcoin its "good money" function, for example.
This technology is not centralized in a single node or server, but is shared or divided into many nodes, in short, this feature is what makes the Blockchain really resistant to attacks from hackers, because the information is not stored in one place, but in each of the nodes involved in the network, so this makes it very resistant and secure.
How does the Blockchain work?
Knowing how this technology works can be a bit complicated, because around it there are really technical terms that I still don't understand completely, its essence and use in practice is totally different and this is what allows me to know many aspects that make it up. To be a little more specific, I will detail what can be stored in a block and how these are interlaced to form such a chain.
The blockchain stores the following:
A number of records or in the specific case of cryptomonies are transactions, in short, transfers that are made from one person to another, for example.
The link between the previous block and the next one is carried out by a term called "Hash", which is a unique alphanumeric code that identifies each block.
In this way each block has a specific place within the chain, because the "Hash" makes them interlink and save information from each other, I must emphasize again that the chain is saved in each existing node within the network, so each participant hosts a copy of it.
Some cases of use of the Blockchain
Crypto-Currencies
As we all know the Blockchain is initially known thanks to its successful application in the Bitcoin protocol, this was practically the first existing case of use, which at least I know, so because of this Bitcoin is known as a true refuge that keeps special characteristics that all good money should have, all this thanks to the Blockchain technology on which this Cryptomoney is essentially based.
Health Sector
One case of use that I have thought about a lot and that I have also seen in everything I have researched, is how the Blockchain can be useful in the health sector. Basically it can be used to safely and immutably house the medical history of every patient that has been in any health center or hospital.
Files and documents
Another good use is to store and save documents, although it sounds very simple and easy to do without this technology, the truth is that with the Blockchain you can manage more effectively each of the documents that you can save, this way we avoid that these documents and/or files can be falsified, which provides a great layer of security in that aspect.
For the moment I think I have covered what I wanted in this publication, despite not being an expert on this subject, I hope that many of the new users in this world will find the information in this publication useful, where I try as much as possible to make myself understood with very simple terms which I commonly use every time I want to explain what the Blockchain is.
Thanks for reading until a new post !!
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@tipu curate
You handle definition very well.
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I'd like to ask what happens when they centralize computing power? Nowadays the owners of large mining farms influence the characteristics of the token, they are the ones who devalue a currency or on the contrary those who create bubbles to earn money. What is your opinion on that subject?
Blockchain itself is a brilliant technology. While cryptocurrencies may not succeed, blockchain will surely be a tool for the future.
You're quite right, although I think that if many of the cryptomonies do succeed because of their usefulness in the real world. But that's right, even without crypto currencies, the technology has a great future.
blockchain is indeed technology for future, it will take time to reach sky-high as nothing goes straight up, time is required for the progress of everything
That's right, absolutely everything has its time, many things must still happen, to be able to assume that adoption is general, however, let's have
Sooner or later, the world will understand that there is no escape from the blockchain.
Nice post, @cieliss.
I firmly believe the same, it has a lot of potential to really be the future
hi @cieliss
superb information you have share about blockchain as a technology and it's benefits. Every country should need to adopt it because it is future and technology. if you don't accept it, you will regret.
Thank you stay tuned in PH
Thank you very much for commenting, my friend.
That's right, I think adoption is very important, I hope it continues to happen and that everything in the short, medium and long term is very promising.
Blockchain is a truly revolutionary development, and its effects will be profound.
If we consider that the price of Bitcoin (which works on the original blockchain) has increased from only a few cents to close to $10,000 in just 10 years, we can understand the phenomenal value of blockchain techonology.
That's right, I think that the blockchain technology is really powerful, I have faith that it will surely continue to change many things and I hope they are for a better and promising future. Thanks for commenting, my friend. @majes.tytyty