There is no question about it
that blockchain is seen as an ingenious invention and the brainchild of a group
of individuals, referred to as a pseudonym, called Satoshi Nakamoto.
Cryptocurrency trading platforms such as https://rubix.io/ regard blockchain as peer-to-peer
topology that allows the storage of data on thousands of servers, while it lets
people on the network view anyone else's entries live. That makes it very
challenging for any user to control the network.
Essentially, blockchain
technology formed the backbone of a new version of the Internet. It was
initially designed for digital currencies such as Bitcoin.
However, the tech world found
other potential used for it.
Is it any wonder that Bitcoin has
been termed as "digital gold," seeing that its total value recently topped
$112 billion.
How Does Blockchain Work?
Can you picture a spreadsheet
that has been duplicated countless times across many computers? Now imagine the
network is made in such a way that it updates itself regularly. This is pretty
much how blockchain technology works.
Any information here exists as a
shared and reconciled database. There are obvious benefits attached to the
network. The data of the blockchain isn't kept in a single location, meaning
the records are made public and is verifiable. Also, you will find no
centralized version of it. As a result, no hackers can corrupt the information
that is being hosted by millions of PCs at the same time where the data can be
accessed by anyone.
It is the kind of technology that
one can only update once consensus was reached between different parties of the
system. One data gets submitted it cannot be removed again. You write it once,
which makes it verifiable and an auditable record of every transaction made.
The thing is with blockchain
technology, every page within the ledger or the transactions made forms a
block. The block has an impact on the next one or page utilizing cryptographic
hashing. What it means is that once a block is completed, it will create a
unique and secure code that ties into the next block or page, thereby forming a
chain of blocks or blockchain.
Interestingly, the Ethereum
blockchain, gained much traction as it made way for new avenues of cross-border
monetary exchanges.
Blockchain can be regarded as an
architectural principle in that it serves as a store of records that would:
● Secure
and encrypt various transactions cryptographically.
● Write
once, but append-only.
● Distributed
and wholly or partially replicated.
● Decentralized,
in its purest form.
Just How Secure is Blockchain?
One cannot say that any one
system is unhackable. Having said that, blockchain technology is regarded as
one of the most secure nowadays.
Before one can move something of
value over the blockchain, the nodes must agree to it that the transaction is
valid, meaning no one can make noise over whether a transaction took place or
not. If an entity wants to hack it, they cannot just hack one system like it
would be if it were a bank. They'd have to hack into every computer on the
network. This makes it extremely challenging to even think of doing it.
Did you know that the computing
resources required for blockchains would harness up to 10 if not 100 times more
than all of Google's serving farms put together?
We are not staring ourselves
blind against the challenges that need to be addressed during this early-stage
technology, of which some would be:
- Privacy versus transparency - Preserving data privacy and confidentiality are necessary for success while inherent transparency can be as much of a curse as a blessing.
- Exception management versus immutability - Technically, complete immutability does not exist. Know that there are circumstances when full immutability is not even desired.
- Smarter contracts - Smart contracts are not seen as smart neither are they contract in the legal sense of the word. It is just about business process automation.
Similar to any type of emerging
technology, blockchain technology would have to face numerous barriers and challenges
to adoption.
How are these blocks secured?
Through a linked list structure
where each block consisting of a hash that in turn is challenging to mine.
Speaking about miners. Were you aware of the fact that miners require a more
powerful hardware system as the difficulty level increases?
There is a lot more than meets
the eye to truly breakthrough blockchain. Top crypto to USD exchange programs will have their own measures of security
in place to prevent possible hacking so investors can sleep peacefully.
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