Posts
Blockchain Technology
https://finmoniinvestblog.blogspot.com/2019/02/blockchain-technology.html
BLOCKCHAIN TECHNOLOGY
Bitcoin created the blockchain. From it we can carry out peer-to-peer
transactions without the intervention of third parties, with total security,
initiating the era of cryptocurrencies.
The technology has been evolving since 2009 and several projects have
presented different applications for the decentralized registration of
information.
Blockchain is a book of public accounting records, where all
transactions performed between parts of the network can be audited.
Thus it is impossible to adulterate or falsify your data, anyone with internet
access can track a transaction and know its status in real time. This
technology eliminates the need for a third party in the process to certify
the truthfulness of the information.
The network is decentralized. This means that the information is
not owned by any private or governmental institution. Each computer
running the software has a copy of the entire logbook. If a computer loses
its information or has Internet access the network will remain operational
and intact because all other members have data backup. Synchronization
between network computers is instantaneous and automatic.
Security and transparency are characteristics of the blockchain.
All transactions performed on the network are approved by means of a
distributed consensus. This ensures that each computer connected to the
network confirms a new transaction, based on the data in the blockchain.
Therefore, each transaction requires a history that guarantees its veracity.
All computers must agree to this record. No isolated computer can
create a record on the network. If attempted, this false record will not exist
in the transaction book of all other computers, so the attempt to write will
not be allowed and that member will be banned. The distributed consensus
ensures security by having the network itself oversee transactions without
human intervention or any other third party system.
Bitcoin created the blockchain. From it we can carry out peer-to-peer
transactions without the intervention of third parties, with total security,
initiating the era of cryptocurrencies.
The technology has been evolving since 2009 and several projects have
presented different applications for the decentralized registration of
information.
Blockchain is a book of public accounting records, where all
transactions performed between parts of the network can be audited.
Thus it is impossible to adulterate or falsify your data, anyone with internet
access can track a transaction and know its status in real time. This
technology eliminates the need for a third party in the process to certify
the truthfulness of the information.
The network is decentralized. This means that the information is
not owned by any private or governmental institution. Each computer
running the software has a copy of the entire logbook. If a computer loses
its information or has Internet access the network will remain operational
and intact because all other members have data backup. Synchronization
between network computers is instantaneous and automatic.
All transactions performed on the network are approved by means of a
distributed consensus. This ensures that each computer connected to the
network confirms a new transaction, based on the data in the blockchain.
Therefore, each transaction requires a history that guarantees its veracity.
All computers must agree to this record. No isolated computer can
create a record on the network. If attempted, this false record will not exist
in the transaction book of all other computers, so the attempt to write will
not be allowed and that member will be banned. The distributed consensus
ensures security by having the network itself oversee transactions without
human intervention or any other third party system.
