• Bessalitskykh's Avatar
    10-09-2018, 06:29 AM
    Similar to how the world was changed and shaped by the advent of the internet, the future of Blockchain technology is set to change the world and the way in which individuals carry out their business. A Blockchain is a decentralized and secure database built over a secure network used to store data and relay information. Blockchains record and relay information and transactional data in blocks. Parties involved in these transactions can remain anonymous while enjoying security, transactional transparency, speed, and cost efficiency. Data in a Blockchain gets recorded in a linear matter, with each new block within a Blockchain containing data from all previous blocks. Imagine a block to be sort of like a sheet of paper, filled from top to bottom and front to back, with a date and time but with a long code written across the sheet. The data within these blocks is encrypted through the use of complex cryptographic principles and security algorithms. Before being added to a Blockchain, transactions must first pass validation. This validation is performed by miners. For their efforts, miners enjoy monetary reward in the form of cryptocurrencies, such as Bitcoin. As many of our frequent readers may have noticed already, there is quite a bit of hype surrounding the uses of Blockchain technology - but why? For starters, itís a technology that will change the world. It can provide decentralization. The data contained and relayed within a Blockchain architecture cannot be controlled by a single entity. Transactions and information stored within are immutable and transparent. Once a transaction is added, it canít be changed, taken down, or hidden. With regard to transparency, anyone can see what was sent and when. One can assume that there are two individuals behind a Blockchain transaction, but not exactly who and why.
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About Bessalitskykh

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About Bessalitskykh
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I work at MLSDev Inc. which specializes in providing all-in-one solutions in web and mobile development. My job includes such responsibilities as managing and facilitating social media communities.
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