The blockchain technology is best to use for a private transaction.
Many of us know it as the technology behind Bitcoin, but blockchain’s potential uses are farther beyond digital currencies.
Big investors include Bill Gates and Richard Branson, and banks and insurers are competing over one another to be the first to work out how to use it.
So what do you exactly can say about blockchain, and why are Wall Street and Silicon Valley so excited about it?
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The blockchain is a digital ledger in which transactions made in bitcoin or other cryptocurrencies like Ethereum and Ripple are recorded chronologically and publicly.
This technology helps people to have a secure transaction privately by using cryptography. Cryptography makes keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is basically a chain of computers that need to be approved by an exchange before it can be verified and recorded.
It is very familiar to most people to use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly with what we call the P2P (peer-to-peer), removing the need for a third party.
Here are the 6 facts about the blockchain technology:
- Decentralized. Meaning it doesn’t control by a certain group like a bank
- Total limit is only 21 million.
- Circulation supply is just over 17 million currently.
- Until now, there is no proof of identity of the Bitcoin creator Satoshi Nakamoto and still remains a mystery.
- A programmer named Laszlo Hanyecz, was believed to be the first transaction. He spent 10,000 bitcoin on two Papa John’s pizzas in 2010.
What do you know about the blockchain? Please share and leave a comment down below.
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