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Getting excited about bitcoin & crypto, in general, can be a very tricky business. You see cryptocurrencies with Bitcoin as a leading one, are a form of investment. Sure it might seem like a very risky form of investment, but for those who know what they are doing, Bitcoin and other leading altcoins can make them a fortune and they already have.

The tricky part and the main reason why most average Joes and even Janes end up losing their money lies in the fact that most laymen invest at a bad time. Since the cryptocurrency world highly fluctuates, timing plays an ultra-important role.

The moment when the general public normally hears about the crypto is typically too late for investing. You see, the hype that leads to people getting excited about Bitcoin & crypto in general is usually a consequence of some ultra-positive performance that already occurred. This means that Bitcoin or any altcoin already made a huge gain. Investing at that moment is probably not a great idea.

This is what happened back in 2017. Most of the general public that decided to jump in on “the crypto opportunity” invested their money after bitcoin already made 300% gain. As such, most of those people ended up losing their money. However, if they kept their investment in place, known as HODL, then they are likely to make a profit in the long run.

Those of you who want to make more money, I’d suggest getting excited before the hype. For instance, now would be a great time to invest in Bitcoin and some main altcoins.

Now there is no hype about the crypto and the prices are reasonably low. There is always a possibility for the prices to drop further down, however, if you plan on ever investing in crypto, it is way smarter to buy it now, that to wait on the next media and general public boom when the prices will be much higher than they currently are.

I can’t stress this enough, that the following suggestion is completely based on my personal opinion, my own research, and my own knowledge on the subject.

I suggest anyone, who has some EXTRA money ready for investments to take a part of it and put in the cryptocurrency right now. Use 60% of that part to buy Bitcoin, use 20% to buy Litecoin, and 20% to buy Ripple. Once you hear that the media is talking about how everyone is buying bitcoin, sell all of it. Wait for a huge drop, and repeat. You can ride this train until the cryptocurrencies become regulated, which might happen in the next 2 years or in the next 10 years. No one knows. Do this and THANK ME LATER.

Note: Invest only money that you are prepared to lose in crypto. Potential gains are huge, which also raises the level of risk, as these two always go hand in hand.

I hope my words and advice find you well and bring you a fortune. And if not, well the ride itself is always fun and full of thrills.

The term ‘Utopia’ has been used over the course of history in many different ways. Yet, the most common meaning of the word utopia that has really stuck, refers to a community, a land, a country or even a world if you want, where everything is in the best possible condition and the best possible, nearly perfect qualities are provided to all citizens. This includes the equality of economics, government, justice and all other aspects and areas of the social community are set in place.

Since no such community has been recorded in the real world, the term utopia is often used for something that is surreal and will never happen in the real world. However, the world is getting smaller and smaller. We are more connected than ever before and a lot of positive changes have already been made to make the world a better place. Units larger than countries are formed, and who knows, maybe one day we will get to the point that the whole world will be united and real Utopia will be established. This is definitely something we should all aim for.

However, the reality is that there are still many people who would do whatever it takes to gain power and money, and the last thing they want is for Utopia to become a reality.

You might be asking yourself why are we talking about Utopia, right? Well, blockchain technology has the potential of making Utopia a reality a lot sooner then many would like.

Utopia and Blockchain Technology

If there is anything true in this world, then the fact that people become a lot faster corrupted when there is money at stake is at the very top.

Oriel Feldman Hall of Cambridge University presented a study that was performed back in 2011. It showed that a shocking 96% of people are willing to inflict physical pain to a complete stranger in order to make 1 pound. Yes, our relationship with money is a serious problem.

But now there is a solution on the horizon. It is actually already up and shinning. A cryptocurrency (Bitcoin to be exact) was the first use case of blockchain technology and since 2008 the technology evolved a lot. It has almost endless use case possibilities and they all provide basically a bulletproof vest if the bullet is corruption.

Governments and Their True Intentions

I wouldn’t want to be stepping on wrong people’s toes but I dare to say that governments and officials are the ones responsible for the most corruption in the whole world.

Sure, there are criminals, real hardcore criminals, but they are not pretending to be good guys and that they are doing things in people’s best interests as such they are a much smaller problem.

If you have been wondering why there is so many conflicts between the blockchain technology and the governments all across the globe, now you know why. Many don’t want things to be fully traceable and 100% transparent.

Utopia in Nevada

I would like to leave you off with this positive initiative by a man called Jeffrey Berns, who is actually planning to build Utopia in Nevada. He invested over 300 million dollars of his own money into it. This sort of project can give hope to the entire world.

We must believe that Utopia is possible and take all the steps necessary towards achieving it. There are always multiple sides to every story, but facts are always facts, and blockchain technology can provide hardcore, traceable facts in any sphere we apply it to. It can also provide us with the systems that not only enable full traceability but also automatically prevent any shady business.

In the modern world, new technologies are emerging all the time. It can often be hard to keep up with these technologies and to understand how they work and what they are used for. This is particularly true with technologies used for financial transactions, where advanced algorithms and computer networking are increasingly being employed to keep transactions reliable and secure.

Two financial transaction technologies you have probably heard a lot about over the last few years are digital currency and cryptocurrency. So what are these two technologies and what are the differences between them?

– What is digital currency?

Digital currency is basically any currency that exists in a digital form rather than a physical one. Most digital currency is similar to standard physical currency such as coins and banknotes in that it is backed and managed by financial institutions. Transactions are often managed on a client-server basis with a variety of security measures in place to ensure transactions are safe and secure.

In many cases, digital currency may exist in a purely digital form. In others, it may be backed up by some form of physical commodity. Some institutions that have traded in digital currency have also held gold or other precious resources equivalent to the value of their digital currency to ensure that currency has actual real-world value.

Digital currency is not always used for real-world transactions. Many multiplayer video games with a persistent world use some form of digital currency that may be directly or indirectly tradable between players. These currencies are usually used to buy in-game items and may be purchased with fiat currency or earned via gameplay. In some cases these video game currencies may even be able to be traded back into fiat currencies, allowing some players to make a real-world profit from their gameplay.

– What is cryptocurrency?

Cryptocurrency is a type of digital currency that relies on the science of cryptography to encode cryptocurrency transactions. It uses blockchain technology to maintain a history of transactions that allows those transactions to be verified and protected from fraud. This allows cryptocurrency to be portable, decentralized, and secure.

– What’s the main difference between the two?

While cryptocurrency is a type of digital currency, the term “digital currency” frequently refers to digital transactions between banks and other established financial institutions such as credit card companies. In this regard digital currency is basically a digital form of fiat currency and is ultimately controlled by the government of the country it is traded in.

The purpose of cryptocurrency is to break away from government and institutional control of currency transactions. It is designed to be a more open way of trading value and goods that is less subject to government oversight and less likely to be co-opted for political ends.

Cryptocurrency offers an alternative to the centralized control of money transactions in order to give the power over those transactions to the public, rather than to governments and banks.

A core problem with cryptocurrency though is that its decentralized nature also makes it extremely volatile. Ideally, cryptocurrency and fiat currency in both physical and digital form should work together to provide alternatives and fallbacks that end up making both types of currency more stable and secure.

In the past, there was less of a need for something like cryptocurrency. There has always been the option of direct barter to provide decentralized transactions, and fiat currencies were much more loosely controlled before computers and networking provided governments and institutions with more direct control over them. Now that they have that direct control there needs to be a way for private citizens to stop that control from becoming oppressive.

Both of these types of currency have their place in the modern world. Each has its pros and cons which are largely offset by the cons and pros of the other. The world needs the stability of fiat currency in digital form, and it needs the freedom from centralized control that cryptocurrency provides. Without one or the other, the risk of either instability or stability that enables oppression rises dramatically.

Blockchain or distributed ledger, names that the blockchain also receives, constitute a distributed database that records blocks of information and interlaces them to facilitate the retrieval of information and verify that they have not been modified.

By transferring this information into practice, blockchain technology allows decentralized, transparent, open transactions and contracts that shield privacy, guaranteeing extreme security and the same protocol for all participants, that is, it allows an anonymous movement, with total privacy between the data of both interested parties. It has already been compared by experts with historical milestones of innovation such as the emergence of the Internet.

On the other hand, the expansion of cryptocurrencies, such as bitcoin, which have their stock market, changes payment methods and traditional money. The digital revolution and P2P (peer-to-peer) technology applied to cryptocurrencies implies a low risk and works between user platforms, through consensus among all. Today, they can be bought and sold easily, just as their trend will only grow shortly.

Among many other applications, the blockchain allows you to carry out Smart contracts, allowing you to securely connect the devices linked to the Internet of Things, democratize the electoral system through electronic voting, improve eCommerce and encourage the collaborative economy, assess the traceability of food, ensure more efficient logistics operations or make the flow of goods and money from any commercial process verifiable at any point in the supply chain.

The complex revolution that the blockchain represents, can be executed in all sectors, benefiting for example the leisure and entertainment industry allowing to preserve the copyright or regulate the economic compensation of the artists, to the security forces by allowing real-time monitoring o transparent access to databases or the transport industry, facilitating the identification of passengers.

While a decade ago the word did not sound even in a tiny portion of mouths compared to the current moment, the blockchain, popularized by the emerging fame, although criticized, of Bitcoin and other virtual currencies, comes from the hand of a broad riotous potential that can affect areas as diverse as politics, economy, commerce, leisure, cybersecurity, law, logistics, arms possession, Artificial Intelligence, business team management, cloud storage or the gaming

Blockchain technology generates transparent and faithful information, it is changing the way bank transactions are carried out, the way money and the labor market are conceived in the global context. Beyond this, it allows the storage of data in a way that did not exist before, just as the encryption of the information can be done more reliably.

Another consequence of blockchain in society is its inclusion in the labor market. If large numbers of computer scientists are already demanded today, sometimes more than can be filled, the demands of blockchain developers cover the largest quota of these vacancies.

All this is just the beginning of a large market full of profits for various sectors such as health, finance, and banking, insurance or insurtech, food or education, all of them thanks to the touch of digital transformation at this point in the XXI century.

Today, the question is, which industry cannot benefit from the impact of the blockchain?

If you are reading this, then you are probably new to the crypto world. Am I right? I assume that because most experienced folks in the crypto sphere already know which are the 5 main topics in their own opinion.

That being said, there are many different opinions on what is important and whatnot when it comes to the Bitcoin and blockchain topics. This means that there is no ultimate list of 5 Bitcoin and blockchain topics you should care about. Anyone who knows a thing or two about the emerging or blossoming technology and its use cases would come up with its own list. As such, the list presented herein is completely based on my own knowledge, research, and beliefs.

Let’s start off by warning you about the trickiness of the crypto world. There is a lot of potential money to be made in this field and if history taught us anything, we know that money often brings out the worst in most people. As such, there is a lot of mess, scams, and dirty stuff evolved around the crypto technology already, especially around its so far main use case – cryptocurrencies.

The above means that things are highly unpredictable and even governments and authorities are using their tricks to make as much money as possible during this emerging period. As such, you must always be extra cautious and do your own research before investing any of your hard-earned money into cryptocurrencies or other blockchain use cases.

That being said, the blockchain technology is amazing and fabulous. It has so many great and positive use cases that we can’t even imagine. And the part that we just talked about is the exact thing that can be eventually eliminated if the proper use of blockchain will be set in place.

So as you can imagine, the most talked-about topics in the blockchain sphere are related to cryptocurrencies, Bitcoin as the leading one, in particular. Thus, it is highly logical that most of the 5 Bitcoin and blockchain topics you should care about will be related to the latter.

The list of 5 Bitcoin and Blockchain Topics You Should Care About:

1.) Blockchain Technology: This is definitely a topic you should get to know well. It will help you understand the difference between blockchain and cryptocurrencies.

2.) Real-Life Applications of Blockchain Technology: This will open your eyes to the countless possibilities and help you realize that blockchain has a chance of actually making the world a better place by eliminating a lot of corruption (especially in the official affairs).

3.) Bitcoin price: Anyone can say whatever they want, but Bitcoin is the king and its price dictates the crypto pace. My advice for those interested in investing in Bitcoin: BUY AS MUCH AS YOU CAN AT THE CURRENT PRICE and all the way up until $10,000 USD.

4.) Ethereum, Litecoin, and Ripple use cases and prices: there are many altcoins out there, but these are the most important ones. Pay attention to their use cases and all the news related to them. My advice for those interested in investing in altcoins: BUY AS MUCH AS YOU CAN of ETH, XRP. and LTC at CURRENT PRICES.

5.) Libra Coin: Facebook is/has (no one knows exactly) creating/created their own cryptocurrency. It was supposed to be launched already but the government blocked the whole thing and since then there has been very little information available to the public.

The government has control over many aspects of an economy. However, it cannot influence decentralized autonomous organizations. Some of the factors that are used to categorize the organizations include the number of decisions to be made, incentives for the participants, and the level of decentralization.

The organizations are represented by rules which are encoded as computer programs and are only controlled by shareholders. One of the unique features of decentralized autonomous organizations is transparency. All the rules that govern the organizations’ and records of their transactions are stored in a blockchain.

Blockchain technology is used to develop secure digital ledgers for tracking financial transactions across the internet. Other security measures in decentralized autonomous organizations include trusted timestamps and dissemination of database and that speeds up financial transactions as there is no need to include third parties in a transaction.

Comparing Traditional and Decentralized Autonomous Organizations.

In traditional organizational setups, there are employment contracts that outline the nature of the relationship between agents and organizations. The rights and obligations of such organizations are regulated by specific legal agreements and are enforced by the legal arms of the jurisdictions they are located in.

If one of the parties does not meet their obligations, the legal contracts outline which party can be sued in a court of law and reasons why they can be sued. On the other hand, decentralized autonomous organizations involve the interaction of a group of people in accordance with a self-enforcing protocol.

Unlike in traditional setups, members in a decentralized autonomous organization do not enter into any legal agreements. The members are controlled by various incentives and rules for specific networks. The protocol and smart contracts govern the behavior of all the members in a decentralized autonomous organization.

Traditional firms are characterized by many layers of management and bureaucratic coordination. The traditional organizations are not ideal for parties that have mistrust among themselves, live in different jurisdictions, and speak varying languages. All agreements are self-enforced through majority consensus from various network actors.

Some decentralized autonomous organizations are simple, while others complex. The complexity depends on factors such as the number of stakeholders and the number of processes and participants that will be regulated by a contract. Organizations with more-centralized rules are similar to the traditional setups.

Similarities between Traditional and Decentralized Autonomous Organizations.

Just like traditional organizations, decentralized organizations aim to generate high returns for their investors. In both forms, the organizations attract and allocate different types of capital, including talent, technology, and money to develop new solutions. Both types of organizations allocate the risk of failure, when processes do not work as expected.

There are uncertainties for all economic activities, and this is considered in both types of organizations. The organizations determine how rewards are distributed. They also define who will enjoy the benefits of successful outcomes.

All organizations determine how benefits are distributed among the different parties and define success. Stakeholders in both forms of organizations design the scaling mechanism, which includes acquiring more money, talents, and developing structuring to facilitate the scaling.

Facebook Libra is a crypto concurrency which lets you buy things or send money with almost zero processing fee. You can buy Libra online or exchange for hard cash or exchange points at grocery stores. You can spend it through a third party wallet app or Facebook’s Calibra wallet. Calibra is will be built into WhatsApp, Messenger and Facebook. Facebook plans for a public launch of Libra in 2020.

Libra Association

Libra is governed by Facebook and other founding members like Libra Association, which includes Visa, Uber and Andreessen Horowitz. The Libra Association adopts a neutral status and strong support for innovations in global finance. Each of the founding member have invested $10 million into operation of Libra. The association plans to promote Libra and developer platform with Move programming language. It will also sign up with business to accept Libra for payment and offer discounts and rewards to customers.

Facebook’s Libra and Calibra

Facebook’s subsidiary Calibra handles crypto transactions, user privacy. Libra payments are kept separate with Facebook data and you cannot use Libra for ad targeting.

Facebook plans to make Libra a global digital currency to promote financial transactions for people who do not have bank accounts. Libra has more privacy and decentralization built in it compared to other crypto currencies. Libra is brought out to disrupt current buy and sell methods by completely removing the transaction fee. It benefits billions of people globally who do not have a bank account but need an way for online financial transactions.

Facebook wants to make Libra as next level of Paypal, allowing people to buy, send money with almost zero transaction fee. There are issues like service charges, card fees. You can use Libra to pay anything from rent, college fees, buy a coffee, send money abroad and you do not have to bother about any insecure checks.

How Libra Works

Libra is designed to scale for large number of transactions, unlike Bitcoin and Ethereum. Moreover Libra remains stable and is not affected much by unpredictable swings. People can take Libra for buying and spending instead of dollars. With 7 million advertisers and 90 billion small business and Facebook can create a medium and relationship among buyers and merchants. This can pave out way for Facebook to provide a easy mainstream audience for buy or sell with Libra.

You need to buy Libra using your local cash and then use Libra spend like dollars with negligible transaction fees or your real name attached to it. You can even exchange Libra for cash. With Facebook’s technology for Libra and the association that governs it, you can use and make payments using Libra apart from enjoying its benefits.

In order to make people trust Libra, Facebook involved the non profit organization, Libra foundation, to develop token and govern the rules. In case you are hacked or lose access to your Libra account, Calibra will refund the lost money immediately using online chat support. Libra has the potential to get more money for working parents and help people to retain their financial credit when they loose their physical assets. Facebook plans to include 100 founding members to Libra before the official launch in 2020.

All Libra payment writes a permanent record into Libra Blockchain, which is a crypto graphically authenticated database. Libra Blockchain acts a public online ledger and it can handle 1000 transactions per second. The blockchain is constantly operated and audited by the founding members to ensure governance and validate its operation as a crypto currency.

Future of Libra

With the Libra, association, open development platform and strong backup support, Facebook plans to create global coin that help millions without a need for a bank account. It could become super quick to buy, sell or send money with its negligible transaction fee. Facebook made an attempt to reinvent the global currency. We need to see its success when Libra will be launched in 2020.

Over the last decade, cryptocurrency, or an encrypted method of digital currency, has gone from an interesting novelty to a worldwide phenomenon. Although a wide variety of cryptocurrency options are now available, this rise in popularity and usage has one principal variety to thank – Bitcoin. Even among all the competition that has filled in niches since its initial release in 2009, bitcoin remains at the forefront of the cryptocurrency field today.

Although bitcoin was the first world-famous cryptocurrency, it wasn’t the first implementation of the idea in history. The idea of cryptocurrency was first conceived in the 1980s and implemented in a more limited form in the 1990s. What bitcoin did pioneer was the idea of a decentralized cryptocurrency, meaning that its status and value is based on distributed consensus rather than a central authority or third party. Bitcoin came only a year after the market crash of 2008 and provided a modern answer to some of the anxieties caused by the crisis. The market collapse stemmed from irresponsible behavior by large banks and fiscal authorities, and bitcoin offered a method of currency that removed this threat from the equation.

Thanks to both its timely implementation and decentralized innovation, bitcoin stood at the forefront of a newly opened market. Of course, other cryptocurrencies would soon attempt to enter the market, and some found marked success. One major success was Litecoin, which premiered only a couple of years later and offered a focus on lightning-fast transactions. On the other hand, the internet-focused nature of cryptocurrency also led to some joke spinoffs, like the surprisingly popular Dogecoin based on a meme of a dog. Nonetheless, none of these other options could achieve the same recognition or universality as bitcoin, and the difference was exacerbated as some popular businesses began to accept bitcoin as a form of online payment.

Surging confidence in bitcoin was finally shaken around in 2018, when the consistently rising value suddenly fell, shaking the hopes of many investors. As time has passed, however, what should have been apparent even then has become increasingly obvious and bitcoin isn’t so easily defeated. The cryptocurrency holds as much utility as ever, and its maintained necessity and the emergence of more large international investors has helped its value rise significantly since its losses, well on its way back to the highs that it once held.

Of course, bitcoin is not the only cryptocurrency that’s currently flourishing. Although options like Dogecoin that were based around trends haven’t maintained the same relevance that they had at their peak, other alternatives like Litecoin remain quite popular. Others have emerged in the time since the first few years of cryptocurrency and now. Monero, created in 2014, offers an even more privacy-focused solution than bitcoin and continues to grow in popularity. Yet the large retailers like Overstock and Newegg that accept bitcoin haven’t moved to directly accept these other crypto currencies. Ultimately, most bitcoin alternatives have found success in serving niches. Crypto currencies that don’t offer some specific appeal to certain consumers have no way to gain a foothold against bitcoin, and ones that do end up lacking the mainstream appeal and acceptance of bitcoin.

If you’re ever curious, you can easily test the waters by asking friends, family, or colleagues if they’re familiar with different crypto currencies. Even people who don’t know what a cryptocurrency is will often at least have name recognition with bitcoin but are unlikely to have heard of even the most popular alternatives. The word bitcoin itself is even simpler and more accessible than the overarching term of cryptocurrency and two short and memorable syllables that convey both its digital status and nature as currency.

Ultimately, the large-scale recognition of bitcoin, its acceptance with major retailers, and its proven ability to rebound from loss of value exemplify and reinforce the staying power of bitcoin. Even if other crypto options bring some level of stability, privacy, or niche application to the table, there’s not enough ammunition available to ever rise above a juggernaut on the level of bitcoin. Today, bitcoin is more accessible than ever, with friendly and easy-to-use applications for computers and mobile devices that open the world of cryptocurrency up to far more people than its competitors can access. There’s no monopoly, of course and it’s in the world of currency, after all and but bitcoin will doubtless remain the poster child of crypto for years to come.

The blockchain technology is capable of completely revolutionizing the way businesses work. Similar to a stock ledger, a blockchain is an electronically distributed ledger. In simpler words, it is a list of entries made and maintained by several participants through electronic means. A blockchain is made of blocks linked using cryptography. Every block holds within itself a mathematic algorithm that connects it to the previous block, transactional data, and a time stamp. The blockchain technology is capable of revolutionizing every sphere of life as it is impossible to modify any data or information stored inside a blockchain.

This article sheds light on how this technology is already changing the face of many businesses.

 

5 Ways Blockchain Is Changing Business

It Helps Protect Intellectual Property

In recent years, with big companies, such as Yahoo and Target, facing data breaches, the need to ensure security and block the public distribution of private information has become critical. A blockchain cannot be hacked. The blockchain technology has provided business owners with a way to record digital transactions in a safe, efficient, and transparent manner. Cybersecurity companies are already looking at how they can use the blockchain technology to protect intellectual property.

It Is an Effective Bookkeeping Tool

Finance companies across the world are already exploring ways to use blockchain to keep track of various transactions made by any business. For all companies, maintaining a comprehensive database of assets and financial transactions is mandatory. In most companies, accountants do the job currently. Tasks, such as checking the accuracy of various ledgers, clarifying asset ownership, etc., make tedious jobs, and require a lot of workforce and money. Moreover, there is always some scope for human error. The blockchain technology can be relied on for these tasks. As a matter of fact, the blockchain technology can be used to accomplish these tasks more quickly and accurately.

It Has Enabled Decentralization of Payment Methods

There is no central authority that governs blockchain transactions. Buyers and sellers are directly responsible for overseeing blockchain transactions. Thus, blockchain completely removes the need for a third party to overlook the operations. Moreover, any government in the world cannot inflate or deflate a cryptocurrency. Further, cryptocurrencies are not influenced by world events. Thus, currently, blockchain-backed cryptocurrencies make the perfect item to facilitate transactions. This is the reason why many businesses have started using cryptocurrency for transactions.

With Blockchain, Doing Business Has Become Easier than Ever

Unlike in the case of traditional currencies, buyers and sellers are not required to get approval from a regulatory authority before using blockchain currencies for transactions. Moreover, since there are no third parties or regulatory authorities involved, any transaction accomplished using blockchain currencies does not incur any fees. Thus, with the advent of blockchain and blockchain currencies, doing business has become easier than ever before.

Blockchain Will Make the Work of Health Experts Easier

To be able to treat a patient, doctors need access to their medical history. In the current world, this medical history of a person is often found in fragmented pieces, spread across the ecosystem of various health providers. Many companies are already working on developing a blockchain-based platform that will be able to accurately and instantly present the medical history of any patient. The system will use identity verification techniques to ensure there are no loopholes in the process.

The Bottom Line

Businesses across the world are already looking at how they can use blockchain to their advantage. As time proceeds and people become more familiar with blockchain, this technology will change the way almost all businesses work.

Even though the blockchain technology has been around for almost 10 years, its popularity spiked with the rise of cryptocurrencies. Many consider it the future of the world’s already established systems and methods. But what exactly is blockchain and why is it so special?

A ‘Chain’ Of ‘Blocks’

The ‘blocks’ represent all data and information – storing things such as a transaction’s date, time and value, transaction participants and their unique ID. The ‘chain’ is the segment that links all the data together and stores them in a digital, public database through cryptography principles.

After these logs are created, they go through a confirmation process in which the validity of a given transaction is checked by multiple computers around the world. Only after the accuracy is verified, block receives its unique ID code and gets added to the blockchain. Since every information is connected with a unique record that has its own history, it’s virtually impossible to falsify any single record.

Decentralization

Since the entire technology is dependent on a large network of computers, there’s no central authority – no one person controls the entire history of the blockchain. The blockchain is constantly updated on every computer in the network when a change is made, making it impossible to tamper within the hands of a hacker.

Blockchain is somewhat of a public ledger – information is transparent and open for everyone to see. It’s a completely decentralized system, which is where its main advantage comes from when compared to banks and other government-controlled businesses.

This was the main idea of Bitcoin – creating a payment system that completely removes the middle man, When sending or receiving cash, there’s no need for a third party. You are the sole owner of your money.

Better Transactions

Transferring money through a centralized system takes days, The blockchain system works 24/7 with transactions taking minutes, even seconds in some cases. This is especially useful when money is sent/received internationally. Since the network automatically works on confirming the validity of the transactions, there’s almost no slowdown.

Even though the ‘ledger’ contains transaction information, everyone’s personal data is concealed. The identity of a person is hidden and presented via complex hashing algorithms. The address of a sender and the receiver is seemingly just a jumbled mess of letters and numbers – no compromising information.

Immutability

What makes blockchain transactions difficult to manipulate? Each block is secured through hashing, a cryptographic function, with each block having a unique value. However, every new block contains hashing data of the previous one in the chain. Subsequent blocks in the chain would notice the unauthorized change in that one block, thus rejecting the modification.

Although there is no system that is completely tampered proof, blockchain is as close to it as it gets. Digital signatures make tampering close to impossible and anyone who would try to modify it to their own advantage would be easily identified.

The blockchain system is steadily improving and becoming more secure. Developers are constantly finding new implementations for it and building upon the existing ones. It’s only a question of when it will become a leading solution to many modern-day technology problems.