When you vote, have you ever wonder if your voting ballot is actually counted?
When you buy some product that is certified labeled what makes you so certain about that?
To be sure, really sure, about those questions you need a system where records can be verified by everyone and security can be guaranteed.
That way, no one could cheat the system because everyone using the same system will be watching.
This system is called blockchain.
Blockchain stores information across the network of Personal Computers making them not just decentralized but also distributed.
This means no central company or person own the system but everyone can use it and help run it.
We have seen servers getting hacked by just one or a couple of hackers. Well, this is very difficult in the blockchain because by being decentralized, the information is stored pretty much everywhere instead of just in one place.
The Blockchain uses a technology called cryptography to ensure that records can't be counterfeited or changed by anyone else in the system.
Blockchain's first App was Bitcoin. Bitcoin is a form of digital currency that you can send to everyone in this world.
Because of being decentralized, Bitcoin and other cryptocurrencies are different from real money, because there's no central bank involved.
Instead, people all over the world help "moving the money" by validating other bitcoin transactions with their own computers, earning a small fee by doing it (Mining).
Bitcoin uses the blockchain tracking records of ownership over this digital cash, so only one person can be the owner at a time and the cash can't be spent twice, like counterfeit money in the real world.
But bitcoin is just the tip of the iceberg.
Blockchain technology can push us to another level. Since safer self-driving cars to stop a corrupted policy in some country. Heck, we can even know the results of any election before it even happens.
The possibilities are endless and we are being part of it.
Let me know what you think of this matter
Cheers.
A simple explanation for something as complex, so kudos to you.
I'm going to wager a lot of people here know about that already, but it is certainly good for people who land on this article from google, so it benefits us all!
Cheers
It was something that always intrigued me. So I learned about it. I became so excited that I felt the need to do a post explaining or at least try to (explaining more simply of course) what I learned.. I'm very glad you liked it :)
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