Crypto Currency

Blockchain basics

“Blockchain” is the newest term to enter the tech industry’s buzzword repertoire. Whether a company is processing sub-second banking transactions or transporting artisanal goat cheeses across state lines, it seems as though any company not investigating this technology, the same technology that powers infamous cryptocurrencies like Bitcoin, will surely go the way of the dodo. But what is this magical “blockchain” and how can a technology commonly associated with dark and scary cryptocurrencies ever be used to change entire industries as we know them? Well, let’s find out!

“Blockchain” Overload:

Much like the term “cloud”, the term “blockchain” is heavily overloaded and oftentimes used incorrectly. Without delving into the historical origins behind the confusion around the term itself, let’s understand exactly what a blockchain is.

Related Post:  So what the heck is a blockchain?

A blockchain is list of transactions that’s stored on many different machines. Sometimes called a “distributed ledger”, modifications to this transactional list are replicated to all connected machines or “peers” very quickly. A blockchain is implemented as a piece of software; in theory, this software contains a local database with its own replicated dataset, capable of notifying other peers when data is changed and guaranteeing that all peers maintain the same data.

While each blockchain implementation is different, most provide key pieces of functionality beyond the ability to store an identical list of transactions on multiple machines; they can also provide permission systems for who can read and write transactions, and perhaps most importantly, they can cryptographically guarantee the validity of transactions, making malicious modifications either glaringly obvious or outright impossible.

Related Post:  Best Linux distributions for mining Bitcoin and other cryptocurrencies

It’s important to understand that there is no single “blockchain” in computing much like there is no single “cloud”; rather, a blockchain is a peer-to-peer network with a distributed ledger that’s created by running the same software on many different computers

What About Bitcoin?:

You’ll learn more about that by clicking here.

blockchain

Subscribe to LinuxBSDos.com

Subscribe to receive the latest articles in your Inbox

Trust me, you'll not be spammed...

Please share:

We Recommend These Vendors and Free Offers

Google has got competition, because Presearch is building a blockchain-based search engine controlled by the community. At $0.15 a token, you can participation in Lot 3 of the token sale by clicking here

Open Money is building a solution that will run mainstream software on blockchain tech. Click here to get free tokens that will be the digital currency of the platform

COMSA allows centralized businesses to adopt blockchain technology. The token sale starts soon! Sign up for free by clicking here

Register now for Blockchain & Cryptocurrency Con 2018, international conference on blockchain technnology in Dallas, TX (USA), Feb. 23-24, 2018. Students can register at a 50% discount.

Launch an SSD VPS in Europe, USA, Asia & Australia on Vultr's KVM-based Cloud platform starting at $5:00/month (15 GB SSD, 768 MB of RAM).


Leave a Comment

Your email address will not be published. Required fields are marked *

*