When Bitcoin was established, something almost unbreakable was created. It was called Blockchain. To disrupt it you have to operate the computing power of half of the Internet. Because of that, Blockchain is a safe solution with great opportunity to use it in different trades.
What Blockchain is?
The easiest way to understand what Blockchain is you have to imagine it yourself as a very long chain with blocks full of information. Each block contains heading of a block, size of it, a number of transactions and transactions themselves. The blockchain is used to storage and transmission all the information about transactions such as commercial ones, shares or purchase of cryptocurrency. New blocks are created every 10 minutes by filling them with information.
How does it work?
The basic task of Blockchain is to be a virtual ledge of transactions which were transacted in the web. Thanks to this fact single Bitcoin can’t be spend two times. This technology is based on the peer-to-peer web so it doesn’t contain any central computers or any systems which verifies the transactions. Every computer in the web takes part in uploading and authentication of a transaction. The ledge is open for every user but protected at the same time. Everyone can look through every transaction they made since the beginning of the Blockchain.
Is it really that safe?
For this moment computing power to break Blockchain is that high that it’s very hard to make it happen. Not until users of Blockchain will be using quantum computers, you can be pretty sure about safeness of this technology. What’s more, all the information in Blockchain are irreversible. The attempt of changing one of the blocks will entail changes in other blocks. In that situation, the system will notice some mistakes in formation and won’t join this block to the others. This cause that every informations immune to imitate it or being manipulated. All this securities prove that Blockchain is one of the safest solutions which exists.
Last modified: September 6, 2017
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