blockchain technology

 In January 2009, based on research that appeared in November 2008, an anonymous person with a pseudonym, Satoshi Nakamoto, published a coin called Bitcoin, which is based on blockchain technologies in its first application as a technology that will change the functioning of banks and the financial sector around the world.

blokchain


Bitcoin is not governed by any central authority and is not subject to any central laws. Exchange of currency takes place directly between dealers without an intermediary performing the process, eliminating the banking sector altogether from business transactions and money transfers.

what's blockchain technology and what's it based on?

Blockchain is a technique for storing, verifying, and licensing digital transactions in the Internet with a high degree of security and encryption that is impossible to break under today's technology.

Many researchers and experts are convinced that blockchain technology will be the gateway to a world of innovation in Internet space and a change in business methods in a way that many companies around the world may disappear as money transfer companies unless they ride the wave and adapt their business to new technologies.

The traditional business management method depends mostly on centralization and the imperative of having a third party in any transaction that licenses the transaction or ensures that it occurs. For example, banks control the money transfer sector for specific charges. In this case, for example, the bank acts as the third party to the transaction to ensure that it occurs and that the funds are transferred from the sender to the sender.

In another example, the cadastral service is the basis for dealing and transferring property to any property in any country so that it plays the role of a third party for specific fees that issue properties and leases and ensure smooth handling.

This focus shares dealings, whatever their type, that they are.

You need time to go full (miss speed)

Cost financial fees in total transactions

Manipulable

Limited participation

Needs certain skills, laws and regulations governing the role of third parties

Transactions are highly vulnerable

Despite all these challenges and flaws, that's still the way the world is, what if I knew that blockchain technology was designed to get rid of all these challenges and flaws.

In short, blockchain can be considered a new type of database. Instead of being centralized in the third party of the transaction and stored in one or several third-party servers, blockchain databases are all repeatedly stored in all connected devices that deal with each other or in the devices of persons dealing with each other who use these databases stored in their devices in a duplicate manner to verify the validity of any other.

The existence of a copy of the transaction in persons' devices facilitates the detection of any unauthorized transaction.

If, say, there's a database encrypted in blockchain. This database contains my personal data and I am the only person authorized to make any change to this database. If I change my phone number, the database in my device will make a change to the database in my device and connect to all devices containing the same database encrypted to report the change. On the other hand, in order to change all devices in the blockchain network, it was agreed among them that I had the power to change the phone number and then update the stored database, to assume that a hacker who had successfully changed my phone number in the blockchain database would be rejected by the other blockchain databases, making it almost impossible to hack the blockchain network.

A characteristic of blockchain technology:

There's no/no need for any centralization or third party freezing the transaction.

No party agrees or rejects the transaction if you are authorized to do so.

The power of the system in its cryptocurrency and decentralization

Possible applications for blockchin:

Financial transactions, for example, electronic currencies such as bitcoin, equities and remittances

The blockchain technology can preserve a product's history of origin and even buyer in a secure, reliable and encrypted way that cannot be manipulated.

In many areas, such as passwords, credit, driver's licences, marriage certificates, property and asset management.

To date, there has been a reservation to the use of blockchain technology because of changes in regulations and laws that may lead to the removal of many government and private companies and institutions.

What's holding up blockchain technology?

Most people and workers in technical and service institutions don't know what blockchain technology is, but if they do, they know it is simple, details-free and nothing more than Bitcoin.

The novelty of this technology, which takes time to mature and diversify its applications.

Data management in a decentralized environment

There are no international standards and standards for this technique.

Disapproval of the Legislature: Because it simply needs a radical change in procedures, laws and policies.

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