The technological world is one of big changes with time. Being that way, every time that a technology that can change the world is created, everybody talks about it. One of those technologies is the blockchain. Being currently one of the safest, trustworthy and fast ways to send information and make transactions, it’s not hard to know the word. But, do we really know what’s the blockchain? We’ll explain for you in the following article.
According to the Bitcoin technology, we can say that the blockchain is a distributed database. In it information blocks are registered, that are intertwine so its easier to recover information. These blocks are intertwine through pointers, denominated hash, that arrive from the initial block to the last.
Through these information blocks, are stored all the confirmed transactions. This way, all managed information by the chain is on hand for everybody. Thus, on cryptocurrencies, you can calculate your balance, see your transactions, verify new and ensure that the payment is done automatically. Then, we can say that the blockchain’s a public accounting, that manages the information through a distributed network of computers.
Now well, this block technology has a function, that is to register, send and verify transactions. This way, the blockchain has four main basics: transaction registry, consensus for transaction verification, establishing rules of functioning and information cryptography.
These transactions are created inly by the members of the system. Thus, all transactions made are registered and transmitted on the nods of the blockchain. Nods are the computers connected to the blockchain. This way, the blockchain eliminates the need of a third, economically or in any other.
This network only requires that a nd is functioning for the whole network to work, and in case of some eventuality, it can be recovered. When we talk of it use on cryptocurrencies, these transactions that are made through a wallet, that are just encrypted archives where your cryptos are stored. In the case of OnixCoin, the Onix wallet is the archive where your cryptos are stored. Nonetheless, the blockchain has much more uses outside of the economic that we discussed in a prior article.
Being that this technology’s innovative, it has a series of benefits that make them more attractive for its implementation. The first of them is a level of security, being that its transactions can’t be altered or eliminated, making it safe against frauds or scams, and its security level of sending is almost unhackeable. Other of its benefits’s its transparency, being that you can see all the changes in the blockchain and all the transactions made on the network.
Another benefit is its low transaction cost. And it’s because when you eliminate intermediaries and expenses for asset exchanges, the blockchain enormously reduce the fee payment by transaction. Lastly, it makes transactions more fast, since instead of taking it days like a normal bank, its processed in minutes and 24/7.
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