What is Block Chain?
The blockchain is a new technological innovation that distributes digital information instead of just copying them. This was originally developed for the trading of digital currency like Bitcoin. But the tech community has been looking for other potential use of this technology. For people using blockchain, it is not required to know the backbone of this technology. However, it is always beneficial to know the basic working knowledge of this new internet sensation.
Basic structure – Distributed Database
Blockchain use distributed database meaning it is spread across a large network and the database isn’t stored in any single location. You can take an example of excel spreadsheet that has been duplicated thousands of times across networks of computers. This network of computers is designed to regularly update this spreadsheet. This is how blockchain works.
There are no centralized versions of information in blockchain making it difficult for the hackers and their potential harm to the information. The information is hosted by millions of computer and is accessible to anyone on the internet.
The blockchain is like the internet with large numbers of computers interconnected on the same network. It stores blocks of identical information across its network and it is not controlled by any single entity. It rarely has any single point for failure. There has hardly been any instance of disruption in its operation except for any hacking attempt. Blockchain technology is on track for being a robust technology.
Transparent and Trustworthy
There is a practice of automatic check with itself for each transaction (also known as blocks) which gives this technology two properties, transparent and trustworthy. There is a reconciliation of every transaction happening on the network in every ten minutes. The data is public for the network making it transparent. There is no any chance for altering any information in the network as they are distributed across a huge network and hence there is trust among the users.
It can be defined as a form of digital money designed using the cryptography to make it secure and is used for purchase and transfers. It has been one of the hot-cake on the internet ever since it was first discovered on 2009. Bitcoin was the first cryptocurrency created and with the popularity growing every day it is believed that there are more than 900 cryptocurrencies available online.
Some common cryptocurrencies
The digital form of money has revolutionized the online community who are doing business and making money with some clicks. There is a number of cryptocurrencies available, below are some of the most popular ones.
- Bitcoin – The most commonly traded cryptocurrency and the first one to be discovered.
- Ethereum – it came in the market on 2015 and is the second most popular cryptocurrency used today.
- Ripple – Ripple was founded in 2012 and has been used to track cryptocurrency along with other transactions.
- Litecoin – This is a similar form of bitcoin with innovative faster payments and allows other transactions as well.
Use of Cryptocurrency
Cryptocurrencies are used for secure and anonymous transfer and one good benefit of using them is that they cannot be faked or reversed. They have low charge and are available to everyone with decentralization. The basic use of the cryptocurrency is for the exchange of trades in the most secure way. This has been used in replace of conventional currency in most of the businesses today.
Opporty – A perfect execution of blockchain
is a community that is business focused as well as knowledge sharing with contributions from the service providers. You can use this platform to promote your business and in the same time educate other users with different contents. You can find Opporty as a digital marketplace for performing your business activities with a risk free environment of doing business.
This will be a revolutionary platform especially for small business and individuals to offer their services and request. It uses blockchain technology for creating secured business environment from companies. This will be a business platform where transactions are secured and B2B commerce will allow the small business house to grow together.