Cryptocurrency: What Is A BlockChain?

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A blockchain functions as an open-source ledger where users record, control, and amend transactions. The blockchain is no different from other platforms, say for instance Wikipedia. Just as Wikipedia is an open-source platform where a single publisher is not responsible for fabricating content, blockchain too does not give full power to just one miner.

However, as we move towards a deeper level, we find that Wikipedia is running on the internet through a client-server model of a network. Here, users are first provided with permissions to amend the content on the website’s pages that are all stored on an integrated server. So, a user accessing the page on the website will be provided with an updated version of the original copy for any particular entry on Wikipedia. Also, the regulation of the whole database system stays with the administrators, who are granted permissions and access through the main authority at the center.

Wikipedia’s system operates similarly to the databases of other centralized and secured systems like insurance companies, government, or banks. So, in such cases, there is a primary owner who has the authority to manage, protect, and access any update to the system against malicious activities.

However, the distribution system and the database involved with blockchain technology are quite distinct. While Wikipedia’s original copy is amended on the server, which is not visible to the users (clients), the blockchain offers updates independently. Every update to the system is done on the master copy, which is visible to all users.

This difference makes it very useful, as this method eliminates the requirement of third-party organizations for digital affiliation. However, we cannot consider blockchain technology as new. On the contrary, it can be termed as a modern combination of innovation and proven methods. In other words, it came into existence because of three technologies: a protocol to incentivize, cryptography with an encrypted key, and the internet. And Satoshi figured out this concept and changed it into a billion-dollar industry.

Thus, blockchain technology prevents centralizing the system as building and securing digital relationships are absolute. Here all digital transactions are supplied using a robust, elegant, and straightforward network framework that works as a peer-to-peer system.

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