The term blockchain has become popular in the past period and observers expect a revolution similar to what happened when the internet first emerged.
This technology attracts the attention of major companies and even major governments in the world, especially in the Financial Field.
So what is blockchain technology?
In 2008, a pseudonym named Satoshi Nakamoto, a person or group of people who no one knows yet, introduced the blockchain concept and the following year wrote a key part of the source code of bitcoin،
Blockchain is based on the idea of allowing digital information to be distributed without copying it.
Blockchain technology has created the backbone of a new type of internet.
The technology was originally developed for a digital currency, bitcoin.
But now the technology community is finding other potential possibilities for this technology.
"The blockchain is a digital ledger on which transactions are recorded, which can be programmed to record not only financial transactions but almost everything that has value.”
Database distributed
Hopes that there is duplicate data thousands or millions of times across a network of computers, then imagine that this network is designed to achieve this data regularly at the same time.
The information on the blockchain exists as a shared database-and is constantly compatible.
This means has obvious benefits for using the network.
The blockchain database is not stored in one place, meaning the records it keeps are truly public and easily verifiable.
Nor is there a centralized version of this information that hackers and corrupt people can access.
Because this information is hosted by millions of computers at one time.
In addition to being accessible to anyone on the internet.
2015. At the moment there is a high demand for blockchain developers. It is likely that the blockchain will interrupt the intermediary of these types of transactions. It has become the personal computing available to the general public with the invention of the graphical user interface (GUI), which took the form of “desktop”. Similarly, the most common GUI developed for blockchain are so-called “wallet” apps, which people use to buy things using bitcoin, and store them along with other digital currencies. Since online transactions are closely linked processes of identity verification. It is easy to imagine that wallet applications will be transformed in the coming years to include other types of identity management.
Example to illustrate the idea (blockchain like Google Docs) :
“The traditional way to exchange documents in a participatory manner are sending a Microsoft Word document to another level.
Where we ask them to make revisions and re-us, but the problem with this scenario is that you need to wait until you receive a version of the new before you can see or make other changes to it, because you will be blocked from editing until the other person from doing so.
This is how databases work today.
Owners cannot make adjustments to the record itself at once.
But with Google Docs (or Google spreadsheets), can all parties access the same document at the same time.
So that the only copy of that document is always visible to both.
It serves as a common book of accounts, or a common document.
The role of the distributed part comes when several people can participate at the same time.
Endurance and resilience in blockchain
Blockchain technology is similar to the internet in that it has high durability and security by storing blocks of identical information across its network, but the blockchain cannot be controlled by any particular entity, and it does not have a particular point of failure because it is distributed on a large network and if some devices stop it will not affect operations significantly .
Transparency and non-forgery
There is a kind of self-checking system, and there is also compatibility and auditing of all transactions that occur every ten minutes. Each set of these transactions is referred to as a “block”. Thus, there are two important characteristics as a result:
Data with transparency is included within the network as a whole, by definition it is public.
It can't be rigged, as changing any unit of information on a blockchain means using a huge amount of computing power to be able to bypass the entire network.
The idea of decentralization
Blockchain is designed to be a decentralized technology. Anything that happens on it is a function of the network as a whole, and some important effects stem from it. With a new way of verifying transactions, aspects of traditional trade can become unnecessary. Stock market deals become almost simultaneous on blockchain, for example-or record-keeping types, such as land registry, can become completely public. Decentralization has already become a reality. A global network of computers uses blockchain technology to manage the shared database that records Bitcoin transactions. Bitcoin is managed through its own network, and there is no central authority in it. Which means that decentralization is a network that operates on a user (or peer-to-peer) basis.
Who will use the blockchain?
Currently, funding offers the strongest use cases for this technology, such as international transfers, for example. The World Bank estimates that more than us 430 billion$ in cash transfers have been sent in a year.