Blockchain Technology: The Future of Internet Innovation

First of all, let us begin by understanding what is blockchain?

Satoshi Nakamoto in the year 2009 conceptualized the distributed blockchain. A blockchain is basically a database of digital transactions which is incorruptible. It is programmed in such a way so that it can record the value of everything.

Increased security

The blockchain acts as a security guard and eliminates the risks that are involved in storing the data across the network. Although it is true that each & every internet user secures his data with passwords, which is a very common method and is considered safe. However, it is also a fact that the hackers are still able to attack your pc and steal your confidential or personal information. By utilization of latest and advanced security measures such as the encryption technology, the blockchain technology ensures that your data is protected from various online threats.

In addition to this, there are 2 keys, private and public keys that can help secure your online assets. Talking about the public key, it contains the address of the user, whereas the password of the private key is only known by the owner of the account, who can access the bitcoins whenever needed.

Decentralization

Blockchain has been a decentralized technology from the start, and anything that happens has a significant effect on the whole of it. A cluster of pcs all over the globe together utilizing blockchain technology can fully monitor the bitcoin transactions, and a single authority does not manage it. Various experts on the blockchain technology strongly believe that the decentralized technologies networks will be a brand new trend in the technology.

Blockchain has been a decentralized technology from the start
Blockchain has been a decentralized technology from the start.

Incorruptible & Transparent

The blockchain technology checks itself every 10 minutes, and these transactions which take place in a group is known as the block. Due to this block’s occurrence, two important properties are present, i.e. Incorruptible and transparency.

Incorruptible- The power of a supercomputer is needed in order to alter anything that appears in a blockchain technology. Even though it seems possible it is actually unrealistic.

Transparency- Being transparent, the data is no one’s property and though it is public, nobody can get away with doing anything.

Distributed Database

The blockchain technology is very much similar to an excel sheet which is multiplied and spread throughout the digital world. Not only that each & every action you take is also recorded. Being public, the database for this technology is easily accessible, which means it is not kept in a fixed location and anyone across the globe can access it excluding the hackers.

Closing thoughts

The blockchain technology without a doubt will revolutionize the ways transactions take place.

4New Limited is the world’s first eco-friendly blockchain ecosystem founded by Mr. Varun Datta. The firm’s ecosystem provides a blockchain platform that will enable decentralized, peer to peer transactions whereby production of energy can directly meet the consumption of energy globally.

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