Blockchain and its benefits for us

Hello...Steem lovers❤❤❤
The birth of blockhain technology has opened the eyes of the world.
However, until now blockchain technology has not been many people who understand what is blockchain ?. Even in the world Most people have thought that blockchain is only a matter of trading, crypto money, mining, bounty programs, airdrops, that's all about it, while those who really understand how to develop and implement blockchain technology are still very few.
In this post I want to share a little knowledge about Blockchain, and its benefits for us.

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▪ Blockchain
"Satoshi Nakamoto" was the first inventor of Blockhain, and conceived it as a smart invention in this era.
Blockchain is a digital transaction record based on its structure, in which individual records, called blocks, are linked together in a single list, called chains. Blockchains are used to record transactions made with cryptocurrency, such as Bitcoin, and have many other applications that can be connected via the blockchain.

Thus, the term Blockchain is a series of data records that are managed by a group of computers that are not owned by one entity. Each of these data blocks (ie blocks) is secured and bound to one another using cryptographic principles ( Chains). So this term is referred to as the Blockchain

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If all this time we know the transaction with a cost and centralized. But not the case with Blockchain not having transaction fees. (Infrastructure fees! Yes, but there are no transaction fees.)
The blockchain network has no central authority - this is the main definition of a democratization system. Because this is a ledger record that is shared and does not change, the information in it is open to anyone and everyone to see. Therefore, anything built on the blockchain is basically transparent and everyone involved is responsible for their own actions.
Blockchain changes our mind from centralization to decentralization.

There are so many opportunities that can be done with the existence of this blockchain technology
The three main properties of Blockchain Technology are as follows:

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▪ Decentralization

Before Bitcoin and BitTorrent arrived, we were used to centralized services. The idea is very simple. You have a centralized entity that stores all data and you must interact only with that entity to get whatever information you need.

Another example of a centralized system is a bank. They save all your money, and the only way you can pay someone is through a bank.

The existing centralized system has treated us very well for years, however, they have several weaknesses, and the most crucial thing is that because it is centralized, all data is stored in one place. This makes it an easy target for potential hackers. If there is a centralized system repair or update then we have to go through a software upgrade, it will stop the whole system while the process is running.

While the Blockchain is presented in a decentralized system, information is not stored by a single entity. In fact, everyone on the network has information.

In a decentralized network, if you want to interact with your friends then you can do it directly without going through a third party (agent), that is the main ideology behind Bitcoin. You and only you alone are responsible for your money. You can send your money to anyone you want without having to go through a bank.

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▪ Transparency

One of the most interesting and misunderstood concepts in blockchain technology is "transparency." Some people say that the blockchain gives you privacy while some say it's transparent. Why do you think that happened?

Yes ... a person's identity is hidden through complex cryptography and is only represented by their public address. So, if you want to search someone's transaction history, you will not see "Bob sent 1 BTC" instead you will see "1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sending 1 BTC".

The following Ethereum transaction snippet will show you what we mean:

So, while the person's real identity is safe, you will still see all transactions made by their public address. This level of transparency is unprecedented in the financial system. This adds that this level of accountability is extra, and urgently needed, by some of the largest financial institutions today.

Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these large companies, you can enter it into the explorer and see all the transactions they have done. This forces them to be honest, this is something we have never faced before.

However, that is not the best use case. We are pretty sure that most of these companies will not transact using cryptocurrency, and even if they do, they will not make ALL of their transactions using cryptocurrency. However, what if the blockchain technology is integrated ... say in their supply chain?

You can see why things like this really help the financial industry, right?

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▪ Eternal

Immortality, in the context of the blockchain, means that once something has been added to a blockchain, it cannot be damaged.

Those are the three advantages offered by Blockchaain.
So don't be surprised if those who develop this blockchain of technology are more concerned with economic, business, financial, and political matters, because the framework created is for that matter.

▪Reference ;
https://www.barantum.com/blog/blockchain-adalah/

** Finally, I want to voice this trendseting platform for everyone by shouting like what our seniors have done; @stephenkendal, @theycallmedan, @ocdb @oracle-d @paulag, @nathanmars, @kommienezuspadt, @davidke, @anomadsoul, @r2cornell, @blocktrades, @appreciator and all Steemians everywhere. **

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Thanks for visiting and interesting comments
Lhokseumawe, January/13/2020

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