If you are not in the loop yet then you must know that blockchain is already here and that it is going to save the world. If you are not in any way aware of the existence of the said community, you might not be aware of how this technology can save everything. If you are not familiar with blockchain, you might have heard about the leading digital currency which is the bitcoin. It has been in existence for a while now but it has only been recognized since it gained popularity and boomed in 2014.
As of today, many consider the bitcoin not as important as the engine that is responsible in the operation of the network – the blockchain. It was developed in order to answer the underlying issue that have been presented to the digital devotees for many years – how to produce a digital asset without the need for an authority from a central governing body that is responsible in tracking the properties owned by anyone involved.
The issue was then solved through the proposition of Satoshi Nakamoto, the creator of the bitcoin hiding behind a pseudo-name. He accomplished it by creating a digital ledger that is decentralized. The ledger is keeping records of all the transactions that are done and because the accuracy is a guarantee then it made sure that there is no cheating and loss in the whole network.
The operation works by making computers spend a lot of computing power as a proof that the transaction is secured and then that block is marked as trustworthy and included in the ledger. Of course it is possible to cheat the network but a lot of computing power is required. It would mean spending more energy compared to the total energy that is spent by honest users.
Of all the existing technology, bitcoin is the very first to employ the use of blockchain technology. The main purpose in the creation of blockchain was to record all the bitcoin transactions but it can also be employed as a distributed ledger for just about anything. As long as the transactin is recorded in a digital manner then it can also be recorded in the blockchain.