THE BLOCKCHAIN:101


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    • What You Should Know About Blockchain|Why Is This Important



The rise of cryptocurrency is what seems to be what is one of the most talked about subject in the media today. Acronyms like NFTs, ADA, BNC, BNB, and EHT are all the rage on the social media platforms. The world of digital currency and digital imaging(NFTs)also known as non-fungible tokens as investment vehicles have never garnished so much attention in such a short time. Governments such as Argentina,Venezuela, and some in Africa are becoming major players in this new industry of computer financial applications. While the adoption of decentralized (DeFi)finance and blockchain technology is not new to the followers of the nouveau crypto mavericks its has the world wondering if this is the next big thing. Africa has noticed a financial growth transformation in some of their communities large and small. This kind of upswing has been acutely due to the blockchain model that is sweeping our planet like well, like a pandemic no pun intended.

So what is the Blockchain we must be asking? The Blockchain is computers chain together to process data on shared networks. This seem simply enough right?  So let me explain a bit more in detail.  The Blockchain is defined as a permanent record of transactions, linked in order-or a 'chain to act as a timeline ledger. This enables the blockchain to facilitate what is called peer-to-peer technology in essence eliminating any disruptions within the chain. Blatantly put, no middle man fees transfer for services on the chain.This means that no breaks in the chain or interruptions largely making the blockchain a model of security.  Now we start to see how this process becomes an important matter of significance. 

To aid in this process is what is known as the smart contract. These contracts essentially transfer something of value such as property or shares in a secure way. Example of this can be creating a blockchain code for cryptocurrency such as Ethereum(EHT) by smart contracts. Ethereum has its own blockchain as do many other crytpocurrencies. Through supply chain management the smart contracts will help to streamline the process. There are seven reasons for theses smart contracts which are;

1.Autonomy create by the individual.

2.Trust handled by encryption.

3.Back-Up, as not to lose the original contract.

4.Safety.

5. Speed deployed by code, thus saving time.

6. Saves Money- that will not employ expensive services of others.

7. Accuracy. These smart contracts are pre-programed therefore they cannot be manipulated and are above all self-executing.


Industries can benefit from blockchain technology by making data more secure and taking away any disruptive nature that will interfere with the process of smart contracts. This will revolutionize how we do business and move our communities forward in the future some proponents of blockchain have noted. Already these systems have been seen as viable options in cybersecurity. We see examples in the forecasting industry where the blockchain can make a more accurate decisions in predicting and speculating in gaming as well as other forecasting and prediction markets. The blockchain will be able to even create low-cost options even in the healthcare industry. And lastly the blockchain can decrease voter fraud in the voting industry.  By each entity sitting on the blockchain a certain amount of safety is insured.  The collaborative, open-source platform, and streamlined protocol of blockchain provides asset savings and trust among those who employ its model. The blockchain ability to predict growth by safely financing communities and usage as a means of  stability will create more efficiently. This may well become more the norm as we move forward. How can the blockchain help move your community forward? What do you think? Please feel free to comment.

Thanks for allowing me to share the mystery of the Universe with you all. 

("Welcome" video provided by Pixels Images)

This essay is based off a online course which the author learned many things about cryptocurrency and the blockchain.

 The Blockchain provides database of every transaction involving value.  The database in Blockchain stores collected information in groups or blocks that are chained together. When new information is introduced to the blockchain a new block is added to the existing chain of blocks. This technology gives the blockchain is timeline when implemented in a decentralized manner.

Here is a link to some definitions:https://newsletter.thedefiant.io/p/the-defiants-definitive-guide-to?

We now go to model in depth and original definition of the blockchain. It has been said that the popular meaning of Blockchain is “for the people,buy the people, and of the people”. Bitcoin introduced Blockchain to the world in 2008. It has been said that an individual by the name of Satoshi Nakamoto is the Father of Bitcoin. He published a paper titled “Bitcoin” which in essence showed how cash could be transferred differently from one party to another without going through banks or other third party finance institutions. Bitcoin is stored in thousands of computers spreading out over the globe. These computers and locations are called nodes. 

The theory behind this is that each node has complete record of data created since the initial inception of bitcoin. I say theory but it is more the rules of the protocol. This gives the history of the transactions and records irreversible circumstance. Again, we see security and immutability of bitcoin.

When doing research on such highly technical subjects this can be a bit more that’s one needs and understanding. We must remember that the internet and world is in a constant state of change. Today’s notions may be passé in as little as a few years. The reality of blockchain is akin to the one’s hotmail address . This is the truth of all systems and how these systems innovate and gradually grow over time. We may see more from the blockchain  in the future that I am certain. What have you learned about this new crypto technology?

For securing your cryptocurrency safely try this: https://shop.ledger.com/?r=6cf20492ec4e&tracker=MY_TRACKER

Thanks for allowing me to share the mysteries of the 








 

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