What is Blockchain Technology?
Many are unaware of this term and what it represents. Some of the people, who have heard of it, think it is a new internet. Is it really? It is, without any doubt, an invention that is ingenious. Over time, this technology evolved and people started asking about it. They wanted to know what it is and why is it getting so much recognition.
How Does It Work?
What blockchain technology does is it creates a part of a new kind of internet. It doesn’t copy digital information, it distributes it. In the beginning, it was created for Bitcoin. Nowadays, the technology community has found more potential in it. Everybody has heard of Bitcoin, it is so-called “digital gold”. Its currency is about $112 billion US. Blockchain is able to make different kinds of digital value. However, you don’t really need to know how it works. You can use it without that knowledge, like the internet. Still, it can’t harm you to know a little about it. This technology is thought of as revolutionary, and since 2018, blockchain developers are in high demand. They are using blockchain technology and algorithms to develop social media networking applications based on user behaviours.
Robustness and Durability of Blockchain
When it comes to its durability, blockchain technology won’t fail. It cannot be in a control of one entity. Since the Bitcoin was invented, in 2008, its blockchain didn’t have problems with operating. It there was any malfunction, it was due to mismanagement or hacking. The concept itself wasn’t causing disruption, human mistake and bad intention were. What blockchain does is it solves the issue of manipulation.
Security With Blockchain
Everyone worries about their safety and privacy because they know how easy it is to get hacked or tricked. The security with blockchain is enhanced and there is no risk when it comes to your data. Blockchain stores the data around its network. You are at risk when the data is stored centrally which is exactly what this technology avoids. Most of the people rely on their username or password, but that is not a reliable option. That type of system is not enough to protect us. Security method that blockchain is using is encryption technology.