Main menu

Pages

Edit post

Explain the blockchain technology simply, its advantages and disadvantages Digital currencies

Abdelrhman

Explain the blockchain technology simply, its advantages and disadvantages Digital currencies


Explain the blockchain technology simply, its advantages and disadvantages Digital currencies Explaining Blockchain technology simply, Blockchain is a digital notebook that protects economic transactions from fraud and corruption, which helps to ensure the transaction's health and integrity against any human or mechanical errors, and we will review in this article through the money-makers website explaining Blockchain technology Blockchain simply to provide enough information on this topic. You will find in this topic .. - Blockchain definition - The beginning of the idea of ​​blockchain technology - Simply explain the Blockchain technology - Features and features of Blockchain technology - The disadvantages of Blockchain technology - Possible attacks - Amending data - Private keys - Storage - Types of blockchain technology - Block applications are possible Blockchain definition Blockchain technology is distributed databases, characterized by the fact that it can manage an infinite number of data, it is an electronic record that records transactions and deals and manages them in the best possible way. This technology is a new type of database, as it is characterized by being unconventional as it is a decentralized database, possessing an ever-increasing list management from a set of records called blocks or blocks. Each block or block of them contains many data and information, including time data, and this data is stored in a certain way that can never be modified or manipulated by any party. The database stores these various data from commercial transactions, to commercial and medical records, the identity of dealers and other necessary data, and the source of the information is verified decentralized without interference from any other party. This technology allows you to complete transactions without a third broker, which results in a significant reduction in time and costs, as well as the ability to program it to a company or group of institutions with some modifications added to adapt it to a specific purpose. The beginning of the idea of ​​blockchain technology The idea of ​​decentralized technology was one of the most important topics in the world of economics and enterprise management. The patterns of the decentralized network were published in 1967 by a group of researchers, with the aim of clarifying the authority of distributed systems, centralized systems and decentralization. It is worth noting that since that time, many attempts began to create a smart decentralized database without being subject to any human whims or desires, until the data is recorded with high accuracy, which makes it not adjustable. The first real and realistic application of theories of decentralization appeared in 2008, when Satoshi Nakomoto published the bitcoin coin in which the theory of decentralization was clearly demonstrated. This technology has been utilized and developed until different cryptocurrencies have appeared until the number exceeded 1,600 currencies today. Simply explain the Blockchain technology Blockchain technology records information related to bitcoin operations, such as the source of the money and the destination to which this money was sent, the time and completion of the process and its value and the value of fees paid in it, and all information related to this process. Once the previous data has been collected, it is stored in a series of blocks or blocks that are very similar to the container, and these blocks are associated with a group of coding auxiliary links. Ultimately, blockchain technology works as record books distributed with specific time stamps of operations, which are stored in most cases via decentralized networks of computers, which are called nodes so that each computer stores the entire blockchain. Features and features of Blockchain technology There are a set of features and features that distinguish blockchain and make it distinct from other technologies, which are represented in the following: Blockchain is not adjustable, as any change in it must have enormous computing power, and this makes blockchain a great technique for storing financial records or any other data. Blockchain becomes safer the older it becomes. Blockchain is transparent, as it allows anyone to easily view the data stored in them. Blockchain negates the risk of trust in a single organization or institution, and also reduces total costs and transaction fees by subtracting brokers and third-party fees. Completely secure means because the data that is transferred using the blockchain, it is encrypted before it is sent or moved from one place to another, which makes it more secure than the usual means of protection such as password and user name. Blockchain is a decentralized technology that is, it is not subject to any central authority or authority unlike other traditional databases, which can be blocked and monitored by its owner. A faster and more efficient way of handling, as all information obtained is stored and verified once it is directly obtained. Blockchain can maintain its effectiveness around the clock, seven days a week in case of any malfunction or malfunction in the network. The disadvantages of Blockchain technology Despite the many advantages previously mentioned about the blockchain technology, there are some disadvantages to this technique as well. These disadvantages are as follows: Possible attacks In some cases, this technology is exposed to some attacks that can be done against blockchain networks, and 51% are the most common attacks in the crypto world. These attacks may occur if an entity manages to control more than 50% of the network's capacity, resulting in the network being eventually disabled by deliberately excluding or modifying the order of transactions. Amending data One of the most important disadvantages that are taken on this technology is the difficulty of making any amendment to the data after entering it, as changing the blockchain data and its code is very difficult and requires great effort. Private keys Blockchain technology uses its public key to prevent users from owning their units in digital currencies. Each blockchain account has two keys, one of which is public that can be shared, and the other is private, it must remain confidential, and this means that if the user loses his private key, his money will be lost and he cannot return it in any way. Storage When the blockchain notebooks grow in size, this requires about 200 GB of storage, and it appears that the current growth in the size of the blockchain exceeds that of the hard drives significantly. Types of blockchain technology There are two types of blockchain technology, as follows: Blockchain is generic, like Bitcoin, which enables anyone to join a network of nodes. Private Blockchain, a technology often used by companies where only people with permission can add their own devices to the network. Block applications are possible Financial transactions, which are represented in electronic currencies, such as Bitcoin, stocks and money transfers. Supply chains where this technology can keep the history of any product or shipment from origin, and even the buyer in a safe, reliable and encrypted way that can never be tampered with. Smart contracts are the most popular applications for blockchain technology, as these contracts are generally used to complete commercial operations, payments and money transfers. If you are interested in digital currencies and how to trade them,

Explaining Blockchain technology simply, Blockchain is a digital notebook that protects economic transactions from fraud and corruption, which helps to ensure the transaction's health and integrity against any human or mechanical errors, and we will review in this article through the money-makers website explaining Blockchain technology Blockchain simply to provide enough information on this topic. 

You will find in this topic .. 

  1. - Blockchain definition
  2. - The beginning of the idea of ​​blockchain technology
  3. - Simply explain the Blockchain technology
  4. - Features and features of Blockchain technology
  5. - The disadvantages of Blockchain technology
  6. - Possible attacks
  7. - Amending data
  8. - Private keys
  9. - Storage
  10. - Types of blockchain technology
  11. - Block applications are possible

Blockchain definition 

  • Blockchain technology is distributed databases, characterized by the fact that it can manage an infinite number of data, it is an electronic record that records transactions and deals and manages them in the best possible way. 

  • This technology is a new type of database, as it is characterized by being unconventional as it is a decentralized database, possessing an ever-increasing list management from a set of records called blocks or blocks. 

  • Each block or block of them contains many data and information, including time data, and this data is stored in a certain way that can never be modified or manipulated by any party. 

  • The database stores these various data from commercial transactions, to commercial and medical records, the identity of dealers and other necessary data, and the source of the information is verified decentralized without interference from any other party. 

  • This technology allows you to complete transactions without a third broker, which results in a significant reduction in time and costs, as well as the ability to program it to a company or group of institutions with some modifications added to adapt it to a specific purpose. 

The beginning of the idea of ​​blockchain technology 

  • The idea of ​​decentralized technology was one of the most important topics in the world of economics and enterprise management. The patterns of the decentralized network were published in 1967 by a group of researchers, with the aim of clarifying the authority of distributed systems, centralized systems and decentralization. 

  • It is worth noting that since that time, many attempts began to create a smart decentralized database without being subject to any human whims or desires, until the data is recorded with high accuracy, which makes it not adjustable. 

  • The first real and realistic application of theories of decentralization appeared in 2008, when Satoshi Nakomoto published the bitcoin coin in which the theory of decentralization was clearly demonstrated. 

  • This technology has been utilized and developed until different cryptocurrencies have appeared until the number exceeded 1,600 currencies today. 

Simply explain the Blockchain technology 

  • Blockchain technology records information related to bitcoin operations, such as the source of the money and the destination to which this money was sent, the time and completion of the process and its value and the value of fees paid in it, and all information related to this process. 

  • Once the previous data has been collected, it is stored in a series of blocks or blocks that are very similar to the container, and these blocks are associated with a group of coding auxiliary links. 

  • Ultimately, blockchain technology works as record books distributed with specific time stamps of operations, which are stored in most cases via decentralized networks of computers, which are called nodes so that each computer stores the entire blockchain. 

Features and features of Blockchain technology 

There are a set of features and features that distinguish blockchain and make it distinct from other technologies, which are represented in the following: 

  1. Blockchain is not adjustable, as any change in it must have enormous computing power, and this makes blockchain a great technique for storing financial records or any other data. 
  2. Blockchain becomes safer the older it becomes. 
  3. Blockchain is transparent, as it allows anyone to easily view the data stored in them. 
  4. Blockchain negates the risk of trust in a single organization or institution, and also reduces total costs and transaction fees by subtracting brokers and third-party fees. 
  5. Completely secure means because the data that is transferred using the blockchain, it is encrypted before it is sent or moved from one place to another, which makes it more secure than the usual means of protection such as password and user name. 
  6. Blockchain is a decentralized technology that is, it is not subject to any central authority or authority unlike other traditional databases, which can be blocked and monitored by its owner. 
  7. A faster and more efficient way of handling, as all information obtained is stored and verified once it is directly obtained. 
  8. Blockchain can maintain its effectiveness around the clock, seven days a week in case of any malfunction or malfunction in the network. 

The disadvantages of Blockchain technology 

  • Despite the many advantages previously mentioned about the blockchain technology, there are some disadvantages to this technique as well. These disadvantages are as follows: 
Possible attacks
In some cases, this technology is exposed to some attacks that can be done against blockchain networks, and 51% are the most common attacks in the crypto world. These attacks may occur if an entity manages to control more than 50% of the network's capacity, resulting in the network being eventually disabled by deliberately excluding or modifying the order of transactions. 

Amending data
One of the most important disadvantages that are taken on this technology is the difficulty of making any amendment to the data after entering it, as changing the blockchain data and its code is very difficult and requires great effort. 

Private keys
Blockchain technology uses its public key to prevent users from owning their units in digital currencies. Each blockchain account has two keys, one of which is public that can be shared, and the other is private, it must remain confidential, and this means that if the user loses his private key, his money will be lost and he cannot return it in any way. 

Storage
When the blockchain notebooks grow in size, this requires about 200 GB of storage, and it appears that the current growth in the size of the blockchain exceeds that of the hard drives significantly. 

Types of blockchain technology 

  • There are two types of blockchain technology, as follows: 
  1. Blockchain is generic, like Bitcoin, which enables anyone to join a network of nodes. Private Blockchain, a technology often used by companies where only people with permission can add their own devices to the network. 
Block applications are possible
  •  Financial transactions, which are represented in electronic currencies, such as Bitcoin, stocks and money transfers. 

  • Supply chains where this technology can keep the history of any product or shipment from origin, and even the buyer in a safe, reliable and encrypted way that can never be tampered with. Smart contracts are the most popular applications for blockchain technology, as these contracts are generally used to complete commercial operations, payments and money transfers. If you are interested in digital currencies and how to trade them,



reactions

Latest articles from : mix