Due in part to so many changes in our world around us! Perhaps information on block chain made simple will assist!
And here is some useful information to get you up to speed. Also this broken down version will suffice. Perhaps you want more, there are other pages here to assist with that!
First of all, the block chain is an incorruptible digital ledger of economic transactions. Simply broken down this system cannot be breached, hacked or changed due to the record keeping process.
Block chain made Simple
Bitcoin is digital currency and stored in a virtual wallet, free from any government or central bank control. Therefore, crypto-currency is a way to exchange money for digital transactions using a peer to peer network.
Also these, blocks contained within the chain are made up of all the individual transactions sent and received through the whole process.
And you can get balances on coinbase or any other Crypto Wallet or view your transactions on various and specific sources. Therefore you are seeing data on the block chain, not in any one personal system.
More blockchain Benefits to all of us:
Most of all block chain is a system (decentralized) to bring everyone to the highest degree of accountability.
As a result, no more missed or corrupted transactions. Therefore, end to human or machine errors. No more corrupt or broken databases. Also an end to transactions or exchanges (made in error) without the consent of the parties involved.
The blockchain guarantees the valid transaction. Recording it not only on the main register but on a connected distributed network of registers. All of which connect through a secure validation protocol.
Block chain Technology of the Internet – better – safer – truth
Blocks store information that makes them stick out from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code.Maybe after you make a purchase then decide you want more of the same. And even though they look the same to you each addition has a unique identity marker.
A single block on the block chain can actually store up to 1 MB of data. Depending on the size of the transactions, that means a single block can house a few thousand transactions under one roof.
Works of Block chain
Thru the example of an online purchase, so is the same for the block chain understanding. As you purchase products online they have to be verified, first that all the information is correct, purchase made correctly, and gets the green light, then stored in a block. And that block needs an identity marker, making it different from all the other transactions in that block. And there just like that purchase you can view what you bought, same for the block chain. They are verified with all the credentials needed, then stored in blocks for us to view as they multiply.
Block chain Deemed Safe
As we download bitcoin on out individual computers along with millions of others, no hacker would be able to access them all. Although each copy of the block chain is identical, spreading that information across a network of computers makes the information more difficult to manipulate. Also there isn’t a single, definitive account of events that can be manipulated. Instead, a hacker would need to manipulate every copy of the block chain on the network. Also you are given special identity markers, which you need to enter your network.
Deemed 100% Safe
Due to looking at your own block chain addition, you will see a massive number as to what block you are added to. Due to the numbered orders it is not possible to go into those numbers and change the sequences. And in each is a hash or marks making them stand out as different. And in order for anyone to hack this system they would have to go thru and change every mark in every block.
Explaining the block chain details even more:
Consequently, in a simplified process if you break it down. Perhaps you look at a spreadsheet shared a thousand times over. And with each new addition you have an attached special marker. And that you have a basic description and understanding of block chain.
Due to security not all transactions are stored in a single location. However records it keeps are truly public and easily verifiable.
Furthermore, no centralized version of this information exists for a hacker to corrupt.
Also, hosted by millions of computers simultaneously, its data is accessible to anyone on the internet. Most of all, Ultimate Security and Transparency.
Block chain education from the history Invention/Creation:
Most noteworthy, Bitcoin was first invented in 2008. Since that time, the Bitcoin block chain has operated without significant disruption. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
Consequently, the internet itself has proven to be durable for well over 40 years. With a track record that bodes well for block chain technology. Also for all uses and solutions for the Global Community we all live and work in.
Also broken down into simple to understand terms. Due to the extreme terms and procedures most just want to throw there hands up. Or say it is too difficult to understand. I hope this helps you!
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