Blockchain is a system that does not use third parties. In essence, records of transactions that have occurred, are stored by many computers scattered on the network itself. So it will be harder to hack hundreds or thousands of computers, and the chances are small for all the computers to experience problems at the same time. So, if you for example pay for your coffee using Steem, Steem for the coffee payment is transferred from your address to your Cafe address in a peer-to-peer manner. And this transaction will be recorded on all computers scattered on the Blockchain Steem network.
- Open-source and Transparent
It's important to understand that the blockchain code is transparent. If you are a developer who can read the blockchain code, you can verify what code is written. How much is Steem's supply at the beginning of the Genesis block. What is the Steem inflation rate (to understand demand and supply). If you compare the common currency of a country (such as the Indonesian Rupiah), which is usually controlled by the central bank (Bank Indonesia), ordinary people like us will never know how much new money will be printed in the future, for example 10 years that will come; Or what is the bank's interest rate next year. With cryptocurrency, all this can be verified in the written code.
- Decentralized / Not Centralized
Cryptocurrency is a spread system, where no one person or company controls it. The blockchain code is not located on a central server operated by a company, but is spread across thousands of computers on the blockchain network. You can also have your own node, where your computer / machine contains blocks and records of the blockchain transaction.
- Supply and inflation rates are clear (data available)
Because the blockchain is transparent, we can know exactly how much the cryptocurrency supply is and how many will be printed in the future.
But today we can start clearly for a business or government line using Blockchain technology. And also we are not deceived anymore as Facebook's media experience stealing user data is utilized in an unclear place. Today you can switch to Blockchain Steem technology that all data is centralized and controlled by everyone without being stolen or hacked. For today I can provide you with this little information and I can explain only a little, maybe later on I can provide more information from the benefits of using Blockchain Steem for SMT development for the advancement of your media or business. Thank you for reading it ....
Posted from my blog with SteemPress : http://www.suheri.me/2018/10/13/little-understanding-of-the-blockchain-steem-system/