The blockchain is undoubtedly the gifted invention that has sprung into something greater, created by Satoshi Nakamoto. Over the last few months, the sudden rise of this ingenious technology has been so impressive and the initial phase has already shown a great ability to rule the domain of the marketing technology landscape.
Let’s take a deep look at the release of this brand new technology and how it can help us to create a whole new market for the future.
What is Blockchain?
•It is the digital ledger that maintains and records several economic and financial transactions of value. Blockchain is a distributed database copied thousands of times across a vast network of computers. This unique network is created to update the database regularly. This technology allows decentralization and any peer-to-peer network maintains its database.
Through blockchain technology, you can now facilitate the transfer of digital money without any entity i.e bank. The data is available publicly. As a matter of fact, you must know that blockchain is not bitcoin at all. Many of us can get confused between Bitcoin, cryptocurrency, blockchain, and whatnot! Blockchain is why cryptocurrency exists, as it enables the continuation of cryptocurrency.
The cryptocurrency acts as the medium of exchange, such as the euro, with techniques to control the monetary units responsible for creation. Bitcoin is one of the most well-known cryptocurrencies available out there. Additionally, the popularity of this technology has created a huge demand for skilled blockchain professionals. To have in-depth knowledge of how it works, some prestigious blockchain certifications are available that help reinforces this technology’s principles.
The Essential Attributes of the Blockchain
At this point, we are all clear that blockchain is just a database good with transactions or something abstract. But it surely consists of essential characteristics or attributes that make it compelling!
•Blockchain was created to be distributed across a vast network, making it perfect for massive business networks like financial consortiums or supply chain organizations. The beauty of blockchain technology is that it motivates companies to come out of their comfort zone to become more transparent about sharing data.
•Many of us are slightly terrified about blockchain as we tend to think that the freedom that is given can be easily exploited. But the truth is you just can’t do anything that you want with the data. The transactions have to be agreed upon between the peers prior, and they are being stored in the realm of blockchain known as smart contracts.
This makes it safe and secure to play with. The most important fact is before blockchain professionals can even implement any transaction, there has to be an agreement amongst all the parties to make the transaction valid. This step is called consensus and surely helps keep the transactions out of potential fraud.
•Each of the nodes in the blockchain is responsible for creating a robust and powerful network system. Many blockchain professionals truly believe that this technology will lead us to a completely secure ecosystem. The self-reviewing system in the blockchain is what makes it incorruptible. As it is evolving fast, building knowledge through the numerous blockchain certifications available online and offline has become essential.