Blockchain makes Bitcoin and other crypto currencies very secure.
This is an open source and distributed database that automatically updates a malicious computer when new transactions or blocks are added to the blockchain on all computer networks.
Here are five interesting facts about blockchain technology.
IT'S TAMPER PROOF
Once an entry has been added to the blockchain, it will be almost impossible to remove or change it later. If you want to edit a record you will basically need all of the transactions that followed it.
It's mathematically impossible to do this, so even resourceful crooks will have to look elsewhere to steal large coins without much effort.
Anti-forgery is also the reason that Bitcoin payments are final and irreversible.
IT'S 100% TRANSPARENT
Anyone with access to the blockchain can view all transactions that have taken place in the past.
You can also see mining blocks (blocks 0) for the first time, such as Satoshi Nakamoto, the founder of Bitcoin.
That was the message in the beginning block. "Chancellor on the brink of second bailout for banks on 1/3/2009".
CRIMINALS CAN'T HIDE BEHIND THE BLOCKCHAIN
If criminals think they can hide behind a relative anonymity that Bitcoin offers, that’s just wrong.
Many have tried to avoid the long haul of the law by converting their stolen loot into bitcoin and transferring it to a different wallet, but thanks to the transparent nature of blockchain.
IT experts can and do find any bitcoin transaction, criminals never did.
BLOCKCHAIN TECHNOLOGY IS NOT LIMITED TO CRYPTOCURRENCIES
Many different startups have begun experimenting with the implementation of blockchain technology in different industries.
An example is Ethereum, a smart contract technology that runs primarily on blockchain.
Because the blockchain is decentralized, the two parties can deal with each other without the need for the services of an intermediary.
This not only saves you money but also saves you a lot of time in disputes.
BLOCKCHAIN CAN STILL BE IMPROVED
This technology has definitely improved the lives of many people, but it can still be improved. Over time, the blockchain will grow to several hundred gigabytes of data.
This causes significant bandwidth and storage problems on PCs. Let’s hope bright minds in the crypto space can find a solution to this situation soon.
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I agree. Someone with little knowledge or none about blockchain would easily understand it. Thank you for explaining it clearly.