Blockchain technology was first introduced to the world in 2008 by a man called Satoshi Nakamoto. The thing is, no one knows whether or not this is a real person and a real name. The enigma surrounding the creator of Blockchain has been existing for years, with people attempting to figure out who the real person behind Blockchain is.
He introduced Blockchain as the next big thing in the virtual world, and he was right. One year later, the cryptocurrency Bitcoin would be born and would take over the cryptocurrency market for years to come. Bitcoin is based on Blockchain technology but newer, more evolved variants of the sort have surfaced.
Ethereum, for example, uses an improved version of Blockchain tech that gives it a pretty strong advantage over direct competitors ie. Bitcoin. But what’s the process behind this technology and why is it the perfect choice to base your cryptocurrency on?
How does it work?
Blockchain is rather specific. It’s a free ledger of sorts that anyone can access without any special privileges required. This, on the other hand, has the effect of turning every user into an admin (that can freely modify what’s happening). Keep in mind that there’s no way you can ruin a Blockchain network (at the moment at least) due to how it was conceived. So, everyone is an admin. So what? Well, this means that if one computer gets infected, the whole network will stand (because the info is available with all users).
On top of that, records of every single transaction ever get kept, without the possibility to modify them. This gives the entire network even more security, plus the evidence for transactions. Lastly, Blockchain transactions can’t happen unless both parties agree to the terms. This means that there’s no chance of fraud.
What does this technology mean for the world?
Extra security is always good for everyone and even banks are considering the Blockchain system. The whole process of integrating Blockchain into another business is a bit tricky, but not impossible. Just take a look at Ethereum’s creators – they took the basic Blockchain concept and improved upon it so their cryptocurrency is better than the rest.
Voting is also an interesting topic regarding Blockchain. In the future (if Blockchain voting integration happens), we’ll be seeing a world where voter fraud is almost non-existent (at least in theory). The blockchain is a wonderful piece of technology that has many uses (with many more to come).