So in order to think of the ways how to use BlockChain Technology, let’s start from what exactly is BlockChain Technology.
When did BitCoin start and who is Satoshi Nakamoto? – How to use BlockChain Technology
BlockChain Technology is a rather new technology. This is also the reason why many people do not quite know what it is. It came to light thanks to a group or a person, behind a pseudonym Satoshi Nakamoto. Who exactly is behind that name is still unknown. Everything Started when Satoshi Nakamoto published a paper describing BitCoin digital Currency in October 2008. In 2009 January the 9th, Satoshi Nakamoto released the alpha/beta version (version 0.1) of BitCoin software.
To better understand how does BlockChain work let us look at BlockChain Technology as a shared Office document. 1 document is shared over the network to many computers. This document is updated regularly in all the computers. This roughly shows the idea behind a BlockChain Technology.
Better comparison is to look at BlockChain Technology as Google Docs. Different users have access to one shared document. All users can update it, and every user sees the latest version of the document.
Is BlockChain safe? – How to use BlockChain Technology
Is BlockChain safe you may wonder. Well, BlockChain Technology is quite similar to the Internet. This means:
- No single person or company can control it
- As many computers have an identical copy of it, The BlockChain has no single place where it could fail.
As far as I know, there have not been many disruptions in BitCoin BlockChain since 2008. It seems however that as is common with new technology, the biggest problems appear mainly due to
- Mistakes made by people
- Bad intentions
Data held in BlockChain is:
- Transparent – it is public
- it cannot be altered – any attempt to alter data in the BlockChain would require a lot of computing power, and would mean changing the whole BlockChain all over the network.
BlockChain Node – How to use BlockChain Technology
BlockChain Node is a part of BlockChain. Nodes are computers connected to the BlockChain Network. The computer that connects to the BlockChain Network gets automatically a copy of the BlockChain and then starts to perform different tasks:
- validates transactions via “Mining” (see Confirmation at BlockChain Definitions)
- Relays Transactions
BlockChain Security – How to use BlockChain Technology
BlockChain Security’s main aspect is the fact that the data is not held centrally. This means it is very difficult to make any changes to the already happened events and transactions.
So what could be the future ways on how use BlockChain Technology? – How to use BlockChain Technology
- Sharing economy – peer to peer payments without transaction fees.
- Crowdfunding – new way to participate in decision making and investing.
- Voting and Decision making
- Product audits – you have clear view whether the product is as it is said to be.
- Storing of Files – Files are stored throughout the network
- Intellectual property protection – Smart Contracts help to minimize piracy.
- Smart Contracts – Contract where some specific action automatically triggers another action (get a song through BlockChain and automatically pay for it)
and many more to come.
This should give the initial idea of What is BlockChain Technolgy and how to use BlockChain Technolgy.
26.01.2018 – EqEST