Hello friends of Steemit, today I come to you with a topic that we should all handle if we are in this platform and it is about blockchain technology or in its translation chain block technology. In order to clarify the existing doubts regarding this issue.
Next, I will try to explain in the easiest, simplest and most understandable way this topic that for some can generate some confusion.
1) What is blockchain technology?
Many compare the blockchain technology with an accounting book, in which a global record is kept of all purchase / sale transactions or any other type of action in relation to a digital asset.
This technology was what gave rise to the best-known and most valuable cryptocurrency, Bitcoin. Increases its popularity every day due to the security and reliability provided by this software.
2) How does it work?
As the name says, consists of a chain of blocks linked together, each block contains the information of various transactions and 2 codes, these represent the previous block (hash) and the one that follows then, so on. Hence the name "blockchain".
3) Who verifies that transaction?
The blockchain technology is open to the public, what is done inside it is saved and encrypted so it is almost impossible to alter a past transaction.
Those responsible for verifying any changes occurred in the system are the members (nodes), they can visualize what happened and proceed with the validation of the transaction if it is correct.
4) Advantages of blockchain technology.
Because the blockchain technology is visible to the public and you can keep track of it. The most obvious blockchain technology benefits are:
- Great reliability
- Security.
- Transparency.
- It does not present intermediaries, such as banks.
- Simplicity in transactions.
- Efficiency.
Each of these components together make the blockchain technology is implemented in many systems over time.
5) The future.
Blockchain technology is becoming increasingly integrated in different areas of the digital world. Any project that involves the actions of:
- Create.
- To stock.
- Modify.
- Share.
It has a very promising future due to its great security and transparency in the light of all, a technology that faces frauds and hacks in the digital world.
I tried to explain it as simply as possible, any doubts or recommendations about it, let me know in the comments.
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