Although initially introduced by a person or group pseudonym, Satoshi Nakamoto, in 2009 for the bitcoin cryptocurrency, blockchain has now found its way into many industry and organizations as an effective way to take advantage of the digital world.
What is Blockchain?
For a simple definition of this because we believe you must have seen a definition like “growing list of records, called blocks, which are linked using cryptography”. It is not as complex as it sounds.
Imagine a block (virtual) stuffed with transaction information such as date, time, and amount or volume of currency. Of course, there will be more than one person transacting at once, therefore, the different blocks are then linked together using a cryptography encryption which prevents any third party from reading or accessing what is in each block. That is why the blockchain is regarded as being decentralized.
Characteristic of Blockchain
The main characteristic of blockchain is its decentralized operation. The blockchain is politically, architecturally and logically decentralized. And censorship resistance, secured and can be widely used across different organizational sectors. The blocks transactions are validated by miners who are rewarded by crypto tokens.
Advantages of the Blockchain
Even before you decide on using any blockchain development platform which we will be discussing later, let us highlight some benefits of the blockchain technology.
Self-sovereignty
Blockchain users can maintain and control the extent of their personal data exposed and this does not prevent them from identifying each other through the used pseudonyms.
Security
The blockchain technical infrastructure provides better security compared to conventional financial systems software.
Immutability and Transparency
Transactions records in blockchain are unalterable. They are written and stored permanently.
Decentralization
No intermediary is required for the completion of blockchain technology. It is not regulated by any authority body. This makes the transaction easier and faster while anonymity is maintained.
Collaboration
The technology connects all race and ethnics since it is no man’s country fiat currency. Parties can easily transact directly with each other without the need for third-parties.
Blockchain Development Step-By-Step
As discussed at the beginning of this article, blockchain is now used for more purposes aside from the cryptocurrency transactions. However, regardless of your purpose for blockchain development, consider the following as a guide;
Although initially introduced by a person or group pseudonym, Satoshi Nakamoto, in 2009 for the bitcoin cryptocurrency, blockchain has now found its way into many industry and organizations as an effective way to take advantage of the digital world.
What is Blockchain?
For a simple definition of this because we believe you must have seen a definition like “growing list of records, called blocks, which are linked using cryptography”. It is not as complex as it sounds.
Imagine a block (virtual) stuffed with transaction information such as date, time, and amount or volume of currency. Of course, there will be more than one person transacting at once, therefore, the different blocks are then linked together using a cryptography encryption which prevents any third party from reading or accessing what is in each block. That is why the blockchain is regarded as being decentralized.
Characteristic of Blockchain
The main characteristic of blockchain is its decentralized operation. The blockchain is politically, architecturally and logically decentralized. And censorship resistance, secured and can be widely used across different organizational sectors. The blocks transactions are validated by miners who are rewarded by crypto tokens.
Advantages of the Blockchain
Even before you decide on using any blockchain development platform which we will be discussing later, let us highlight some benefits of the blockchain technology.
Self-sovereignty
Blockchain users can maintain and control the extent of their personal data exposed and this does not prevent them from identifying each other through the used pseudonyms.
Security
The blockchain technical infrastructure provides better security compared to conventional financial systems software.
Immutability and Transparency
Transactions records in blockchain are unalterable. They are written and stored permanently.
Decentralization
No intermediary is required for the completion of blockchain technology. It is not regulated by any authority body. This makes the transaction easier and faster while anonymity is maintained.
Collaboration
The technology connects all race and ethnics since it is no man’s country fiat currency. Parties can easily transact directly with each other without the need for third-parties.
Blockchain Development Step-By-Step
As discussed at the beginning of this article, blockchain is now used for more purposes aside from the cryptocurrency transactions. However, regardless of your purpose for blockchain development, consider the following as a guide