If you hear the term block-chaining on a regular basis and are curious about what block-chaining is and how it can affect your life, simply continue reading to discover a handy, informative guide to understanding on how blockchain works.
What is block-chaining?
Simply put block-chaining allows information to be shared, without being copied.
The invention of block-chaining:
Block-chaining was brought to prominence by an anonymous individual or group which is known by the name Satoshi Nakamoto. Originally block-chaining technology was created in order to form a new, alternative type of digital currency, that would be designed to be completely untraceable by third parties such as governments, financial institutions, stores, and online marketplaces.
Such technology has been used to create the basis of every cryptocurrency which you may have come across. Some examples of which may include Bitcoin, Ethereum and Litecoin.
What other benefits does block-chaining provide international users:
Another key reason as to why block-chaining technology has quickly become so influential and widespread is that block-chaining also solved a few global problems. As an example, most individuals around the world who grew up with digital technology wanted to be able to use a single currency on a day to day basis, that was not tied to a specific country.
For instance, prior to the invention of block-chaining, if an individual wished to purchase items in brick in mortar stores in their home country and the countries which they visit on vacation, they would be required to exchange their home currency to the currencies of the countries they visited. Even if they chose to use a credit card to pay for their purchases, they’d have to pay a hefty conversion rate to exchange their money.
Secondly, in today’s technology-obsessed society, security and the privacy of personal data has become a huge issue, so many individuals around the world saw the appeal of using cryptocurrencies stored in a digital wallet in order to protect their sensitive information such as their credit card number, phone number, full name, and address. None of which are used to create a digital wallet to hold a cryptocurrency such as Bitcoin.
New uses for block-chaining:
While block-chaining was originally envisaged as a tool to create cryptocurrencies, blockchain technology is now being used to safely store different pieces of information. As an example, the deeds for properties can sometimes be stored using block-chaining and block-chaining has now been utilized to store documents such as Google documents styled software.
Is block-chaining a safe, viable option?
Yes, block-chaining is definitely a safe viable option as it is far harder for a virus or a hacker to try and compromise data which has been stored using block-chaining. So if you’re looking for a secure, safe technology it’s well worth looking into how you can use block-chaining technology in your everyday life to make your life easier and to protect your personal information as well as your assets.
So hopefully after reading the article above you have a far better understanding of why block-chaining is currently taking the world by storm!