Information about Bitcoin, Ethereum and Dogecoin may be found anywhere. From starting a price rally or even any place that is willing to accept payments using that coin.
But what about Blockhain? Maybe you’ve only heard of it a few times. But what exactly is the Blockchain that is often associated with Bitcoin and crypto assets?
Facts About Blockchain
The Digital Ledger
Blockchain is a digital ledger. So when someone enters a transaction, it won’t be easy to change it.
One of Blockhain’s advantages is that the information on it can’t really be changed once it’s recorded. There are permanent records and because the ledger is held by many entities it is very unlikely to be hacked.
All entries are made incognito, so there is a degree of privacy. And no one has the most authority there.
The history of Blockchain
Blockhain was coined with Bitcoin, by someone under the pseudonym Satoshi Nakamoto. He wanted a decentralized, permanent and public system to record the creation and distribution of Bitcoin.
Today Blockhain is doing his job of keeping track of all transactions. Of the 21 million coins, there are 18 million Bitcoin in existence and every transaction used is recorded on the Blockchain.
Although the creators designed it as a public ledger, Blockchain can now also be controlled by certain companies or groups. The difference is that it is stored on a smaller number of computers and does not offer the same immutability.
Knowing the Blockchain
Companies can do a lot with Blockchain. For example managing information, tracking delivery of goods and tracking the origin of food.
Blockchain can store complete data with an immutable system. However, some have questioned the usefulness of the technology and even criticized the idea that Blockchain would change everything.
Apart from that, there is also Blockhain support. Take MIT Sloan School of Management professor Catherine Tucker, for example. According to him there is tremendous potential from Blockhcain. This technology can also be used to manage digital currency and health and insurance data.
“I think we agree that the way we store data doesn’t change the same way as other aspects of digital data use. It makes sense to identify better technologies for recording data and ensuring integrity,” he said.