What is blockchain technology? How does blockchain work & Benefits of blockchain technology
What is blockchain technology?
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network. Blockchain applications are an extremely capable technology in our endless search for ways to increase computing power, speed and security. By eliminating the “middle man,” both security and speed are automatically increased, which by itself could be considered an incredible increase in computing power.
Blockchain technology applications are a distributed database system that acts as an “open blockchain ledger” to store and manage transactions. Each record in the database is called a block and contains details such as the transaction timestamp as well as a link to the previous block.
By allowing digital information to be distributed but not copied, blockchain technology applications created the backbone of a new type of internet. Many startups are going this way. Bank, Insurance companies, video games and more are either seriously considering it, or already using it.
In fact, most people who have heard of blockchain applications probably automatically think of the bitcoin revolution.
Bitcoin and blockchain applications
The blockchain applications are possibly the main technological innovation of bitcoin. Bitcoin isn’t regulated by a middle authority. Instead, its users say and validate transactions when one person pays another for goods or services, eliminating the need for a third party to process or store payments. The completed transaction is publicly recorded into blocks and eventually into the blockchain, where it’s verified and replayed by other bitcoin users.
Blockchain & Cryptocurrency
Cryptocurrency uses blockchain technology. Bitcoin is the first and most popular cryptocurrency for blockchain technology.
Blockchain is continuous growing database which secured with cryptography. Cryptocurrency is form of currency which uses cryptography technology; most of them use Blockchain technology. It’s what protects you or anyone else from making a copy of that bitcoin you just bought. You’ve probably heard about the popularity of blockchain technology in the businesses.
Blockchain is the technology that enables the reality of cryptocurrency. Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of economic units and to verify the transfer of fund.
How does blockchain work?
When a new transaction or an edit to an existing transaction comes to blockchain applications, generally a majority of the nodes within a blockchain applications implementation must execute algorithm to evaluate and verify the history of the individual blockchain block that is proposed. If a majority of the nodes come to a consensus that the history and signature is valid, the new block of transactions is accepted into the ledger and a new block is added to the chain of transactions.
If a majority does not allow to the addition or modification of the ledger entry, it is denied and not added to the chain. This distributed agreement model is what allows blockchain to run as a distributed ledger without the need for some central, unifying authority saying what transactions are valid and which one are not.
Benefits of blockchain technology
All transactions on blockchain applications are cryptographically secured and provide integrity.
As the system is based on thousands of nodes in a peer-to-peer network, and the data is replicated and updated on each and every node, the system becomes highly available.
In the financial industry, especially in post-trade decision functions, blockchain technology can play a very important role by allowing the faster conclusion of trades as it does not require a lengthy process of verification.
As no third party or clearing houses are required in the blockchain applications model, this can massively eliminate overhead costs in the form of fees that are paid to clearing houses or trusted third parties.
As blockchain applications are shared and everyone can see what is on the blockchain technology, this allows the system to be transparent and as a result trust is established.
Transparent solutions allow streamlining and automating communication with customers. Also enabling higher trust level.
Blockchain info is a user-friendly hybrid wallet. It stores an encrypted version of your wallet online but decryption happens in your browser. For security reasons, you should always use the browser extension and email backups.
Blockchain applications are revolutionizing most every industry. Here are just a few of the examples of blockchain technology applications have a look.
Blockchain applications > Entertainment
Based on the Ethereum blockchain they create cross-gaming video games. Their first video game “Beyond the Void” got into Ubisoft’s startup program and they’re the first gaming company on Steam with a crypto economy.
A transparent ticketing ecosystem that uses blockchain technology to eliminate ticket fraud and the secondary ticket market.
Blockchain applications > Retail
Blockchain applications that allow consumers to easily access info regarding the products they purchased and get service in the case of product malfunction.
Blockchain applications > Real estate
Using blockchain applications and smart contracts, BitProperty wants to democratize opportunity and create a decentralized society by allowing anyone anywhere in the world to invest in real estate.
The Blockchain SDK:
- Loom Unity SDK:
The Loom Unity SDK is a blockchain applications platform designed for game development. This SDK connects to Loom’s DAppChains to facilitate Ethereum transactions. Unity 2017.4 or later is required.
- Loom RPC Go SDK:
The Loom RPC Go SDK is a plugin system recommended only for local reliable networks. This SDK supports serving via gRPC. This SDK connects to Loom’s DAppChains to facilitate Ethereum.
- Loom Go SDK:
The Loom Go SDK is a blockchain technology platform designed for game development. This SDK connects to Loom’s DAppChains to facilitate Ethereum transactions. Go 1.9+ is required.
- HitBTC PHP SDK:
The HitBTC PHP SDK allows you to interact with the HitBTC API when building applications using the Python language platform.