The Blockchain Technology

The Blockchain technology is a decentralized and distributed ledger that records the history of a digital asset. Here you will find out what it is, how it works and much more...

OVERVIEW

Sometimes Blockchain is refered to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent via the use of decentralization and cryptographic hashing.

A simple example for understanding the blockchain tech is a Google Document. When we create a doc and share with a group of people, the doc is distributed instead of being copied or transferred. This brings up a decentralized distribution chain that gives everyone access to the document at the same time. No body is locked out awaiting changes from another person, meanwhile all modifications to the document is recorded in real-time, making changes completely transparent..

Of course, blockchain is more complicated than a Google Doc, but the analogy is fitting because it illustrates three critical ideas of the technology:

Blockchain Explained: A Quick Overview

1. Digital assets are distributed instead of copied or transferred.
2. The asset is decentralized, allowing full real-time access.
3. A transparent ledger of changes preserves integrity of the document, which creates trust in the asset.
The Blockchain technology could present a better means of establishing identity. Ratherthan a state or government issuing it, identities could be verified on an open / global blockchain, controlled litteraly by nobody and trusted by most people. Thus, users could control their own identities. A number of companies are working towards this arena, including ID2020 & Civic.

There are also a wide range of potential decentralized internet services, as in, decentralized advertising. Example could be seen from Basic Attention Token which has recently been gaining ground as a blockchain-based protocol promising to make advertisements more efficient by distributing value between all users, advertisers, and publishers. This project, founded by Brendan Eich, creator of JavaScript and the co-founder of Mozilla Firefox uses a blockchain-based token in a custom-built browser to track and reward focusing user's attention on advertisements while protecting their user's privacy.
Continue Reading How The Blockchain Works

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