Blockchain is a system of documenting data that will be difficult to hack or change. It is tough to deceive the system. Each block in the chain contains several transactions and every time a new transaction occurs on the blockchain a record of the transaction is added to the participant’s ledger. In simple words, blockchain is not invulnerable the hacker would need more than half of the control in the allocated file.
WHO OWNS BLOCKCHAIN?
According to Wikipedia, blockchain is a cryptocurrency blockchain explorer service. Bitcoin is supported by the same. It was found in 2011 by Benjamin Reeves, Nicolas Cary, and Peter Smith.
Blockchain was found as Blockchain.info which could be used to trace bitcoin transactions. The function of the site is to allow bitcoin users to see the public cryptocurrency transactions. By 2014, blockchain was popular and the users grew.
In 2018, blockchain started to sell services to institutional cryptocurrencies. Whereas in 2020, the company is said to have more than 30 million users. The next year it grew to a family of 60 plus million wallet users.
Blockchain as said records information. It provides an outlet to hold and oversee crypto investments. The platform also submits financial service standards.
The company offers a hosted cryptocurrency wallet that is to store digital for online access. It allows users to buy and sell cryptocurrencies.
A special feature is, the company has a non-custodial wallet. The company has no access to the wallet’s data, the user is the sole owner of the information. This draws attention as it maintains privacy. The user has a private key to get hold of the data which is known solely by the user.
There is an explorer which allows the public to see the transactions. If one has the hash code with the address of the wallet, they can see received, sent and the fee information. The tool is used to analyse the activity.
IS BLOCKCHAIN RELIABLE?
Yes, it is considered to be reliable and trustworthy as, if one goes offline the others in the network get access to the ledger.
HOW DOES IT WORK?
Blockchain grows to 300GB. The programming language is said to be C. There is no need for a middle man in the process that is one of the specialities. It has faster transactions.
SKILLS NEEDED TO BE A BLOCKCHAIN DEVELOPER
- Data structure.
- Web development.
- Blockchain Architecture.
FACTS ABOUT BLOCKCHAIN
- Blockchains can be either public or private.
- Bitcoin transactions are measured in bytes.
- 0.5% of the world population uses blockchain. That said it comes around 18,850,000.
- Ethereum, Ripple, Quorum and R3 Corda are other blockchain platforms.
- IBM is the largest blockchain company.
- As for the development, it is still in the place internet was a few years ago.
- Blockchain isn’t always Anonymous.
The disadvantage is once the record is made it cannot be altered. As there are no third parties the risk is minimal. To understand blockchain there are few videos on youtube, do Check it out!