@CreativeBlue
Hi everyone! I want to tell you a brief review about BlockChain
For a correct understanding of CryptoFinance we must undoubtedly start by knowing, What is BlockChain?; the matrix, the technology that makes it possible for both the Cryptocurrency and the companies that provide financial services to operate.
When thinking of BlockChain we could imagine that we are in the structure of a multi-level building that contains multiple pieces strongly linked together; which offer the necessary balance so that it is sustained and can function correctly over time. The building is public; In addition, every user can verify that it has been well built and record that each piece was well installed. The building will remain erect forever because its nodes of force are indestructible.
Well, this has been interesting! Do not you think?
Now let's talk technically; BlockChain is a computer technology where a set of synchronized servers interact permanently handling data that make possible the transactions and processes characteristic of the network. This information is stored in each of the systems, which in consensus verify and approve or reject it (in case of not complying with the regulations); the process creates a record that can not be deleted, which remains as a precedent for the operation, generating transparency and trust.
For example,
According to Wikipedia BlockChain is:
A data structure in which the information contained is grouped in sets (blocks) to which meta-information is added relative to another block of the previous chain in a time line, so that thanks to cryptographic techniques, the information contained in a block can only be repudiated or edited by modifying all subsequent blocks. This property allows its application in a distributed environment so that the blockchain data structure can act as a non-relational public database that contains an irrefutable history of information. src
As we could notice BlockChain is the decentralized platform where the information generated by the companies and the services we use are nested. It allows us to make important transactions with cryptocurrencies easily and safely.
Let us return for a moment to the example of the building that we mentioned at the beginning;
"Imagine that you need to send some Cryptocurrencies to the wallet of a great friend of yours who is in some level of the building, while you stay in front of the computer located in a different level".
After accessing the crypto-finances service and sending the virtual money, said transaction becomes a layer or block of information; this data is stored and in turn is distributed in the different nodes that make up the network and that are distributed throughout the building.
Since the network is public, everyone can see and verify it before approval in consensus. By validating the transaction you have made, it is contained in a block of the chain and can not be altered or deleted at any time; It becomes an auditable record that remains in the building forever, for any future consultation or claim.
At the other level your friend receives the deposit in his wallet and both are satisfied for having made a satisfactory and transparent operation.
A deep corporate interest has been born on the benefits that this technology offers in terms of storage, processing and data security, which has propelled the world of Cryptography to important levels.
Initially BlockChain was created by BitCoin, but given its compatibility it has transcended to other areas outside of crypto-finances, becoming the technology of the future applicable to virtually everything.
Just enough to think about something you want to change, something framed in the traditional way of doing things and BlockChain will be useful when it comes to systematize information and decentralize any model that is subject to the paradigms imposed by society or under a governance regime centralized.
Among the advantages offered, it should be noted that; BlockChain will have a positive impact on commerce, education, work, the confidentiality of sensitive data, avoid cyber attacks, transform the way of doing transactions, contribute to audits and follow up on events.
Thanks to the fact that anyone can use it and more and more users believe in it, a great global growth is foreseen.
This small contribution seeks to make us understand in the most natural way the blockchain generalities as the network that we all must know in the world of modern computer technology.
I can suggest the consultation of the following terms for a better understanding:
Cryptography
Nodes
Server
Data transfer
Block
Consensus
Transaction
Thanks for your
kind attention
See you soon...
Sincerely.
@CreativeBlue