Revolution Blockchain, function and potential

The blockchain is nothing more than a database of all transactions, originating Bitcoin and other digital currencies contains. In comparison to traditional means of payment, the transparency and immutability of the system is revolutionary. This is because the blockchain is not stored on a central terminal. Anyone who owns a full-fledged electronic wallet or wallet has the bitcoin blockchain on his computer. So no central institution is needed which manages the system. Figuratively, this is a chain of blocks in which each transaction is linked to another. The individual transactions are checked for their validity on the basis of mathematical algorithms. This so-called "proof of work" procedure happens automatically as soon as e.g. an x random person opens his wallet. Just in this moment the synchronization starts with the worldwide Bitcoin network.

Only when a certain number of confirmations regarding a transaction has been received in the network will this be taken over by the blockchain. An alternative to the "proof of work" is the "proof of stake" method, in which the shares in the corresponding digital currency are compared with each other. There are now completely new application fields which are based on the Bitcoin blockchain. The reason for this is the already mentioned immutability of the technology which makes security and transparency appear in a completely new dimension. Today, numerous companies and states are conducting research on a blockchain that combines ownership, criminal cases, and many other features. The revolutionary idea is that the data can not be manipulated due to the automated, interconnected system. Everything that has ever been inserted into the blockchain will remain there forever. A manipulation would require a manipulative change to be made on any device that has ever made a transaction or entry in a blockchain. Remains on the whole wide world, only a single device left over which has not been changed, failing in its synchronization and thus the review of the links which are all dependent on the entire manipulation attempt fail miserably. It would be no different than looking for a needle in a haystack. But you have to say that the needle can be exchanged in a haystack. In a blockchain, however, this is impossible because each action is linked to each other by a unique mathematical code. If only a single piece of the puzzle is replaced, synchronization will not take place. Anyone who understands the blockchain should have internalized that this technology is far ahead of all state and financial systems in terms of security, transparency and above all justice.

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