Technology over the period has greatly enhanced based on new and fascinating discoveries. Some of which have been of help to many users around the globe. In this current era, technology in its raw state alone is very necessary since it forms the basis to which great nations have developed faster than some others. Every organization needs a database, a collection of facts or figures related to their day-to- day activities. Sometimes organizations need to share data over the internet and the format in which data is stored determines how vulnerable it is to hackers.
With the introduction of the Blockchain technology, also commonly referred to as Distributed Ledger Technology (DLT), data is stored in a much secure way unlike in Sequel and others where data is mostly stored in the form of tables. As the name suggests, a Blockchain data is stored in a form of block that are chained together. Each block has a particular storage capacity and when filled with data it gets saved and linked to the previously filled blocks chronologically forming the Blockchain. The time of adding each block in a chain is recorded or saved.
One of the main importance of Blockchain technology is its decentralization features. Just as decentralization in the government system means to reduce authority of the governing body by distributing the authority to several bodies, in Blockchain, technology it involves the distribution and management of the data among the users making it impossible for a single user or organization to take charge or have control over everything. The beauty of it all lies within the fact that transparency becomes a norm to all users since any attempt by any user to change the data is restricted.
The most popular application of Blockchain technology is in Cryptocurrency.
Examples of crypto currencies are Litecoin, Ethereum and the most known and globally explored is the Bitcoin. These digital currencies can be used in trading. With the use of Crypto Currency everything is recorded in a public ledger and secured using Cryptography. This makes a permanent timestamp and a secure record of every payment. Every crypto currency has its own irrefutable ID. There are about 6700 Cryptocurrencies worldwide, which has about $1.6 trillion. Bitcoin stands out as the largest shareholder in the Crypto Market.
Exciting how youngsters develop the edge to invest in bitcoin making each day passing by a productive one. Funny how their love for technology keeps them engaged as they learn more about technology related aspects of life.
There is more to Blockchain technology, being a tip of the iceberg, more updates, developments and fascinating stuff are yet to be released.
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