An In Depth Look Into Blockchain Technology Posted on : Mar 24 - 2018

Blockchain, a brainchild of the of the mysterious pseudonym Satoshi Nakamoto, is an indisputably ingenious innovation.

The technology allows digital information to be distributed to users without being copied, thus creating the spine of a new kind of internet. The Blockchain technology was originally invented for the sole purpose of governance of the digital currency, Bitcoin, however, tech pioneers have devised and continually devise other potential uses for arguably the most disruptive technology.

Bitcoin (BTC), tagged – quite appropriately the “digital gold”, currently has a total currency value of close to $9 billion (USD) with Blockchain technology being central to its development as well as other emerging altcoins.

Similar to the internet, understanding how the Blockchain works is not a strict requirement for utilizing the technology. However, having a basic knowledge of the Blockchain technology would help you get a grasp of why the technology is revolutionary.

Distributed Database

Essentially, Blockchain works like a spreadsheet which is duplicated thousands of times across a network of nodes. This spreadsheet, by design, gets regularly updated with trade transactions.

This is essentially how the Blockchain functions i.e. information on a Blockchain exists as a shared database that is continually updated and reconciled. One of the amazing benefits of the Blockchain technology is the fact that this database of information and trade transactions is not stored in any single location and not governed by one central node or computer. Records kept on a Blockchain is indeed public and easily verifiable by anybody.

The fact that the Blockchain is not governed by any central node – instead, it is hosted by millions of nodes/computers concurrently over the internet – means it cannot be hacked.

Durable and Robust

Blockchain technology, similar to the internet, has a built-in robustness. The Blockchain stores blocks of records that are the exact same across its network and as such, this stored information cannot:

• Be governed by a central authority &
• Does not have any single point of failure

Since the invention of the first Blockchain based digital currency (Bitcoin) back in 2008 to this recent date, there has been no significant disintegration of the Bitcoin Blockchain (problems recorded with Bitcoin to date have been as a result of hacking or mismanagement). These issues are not attributed to the underlying concept of the Bitcoin Blockchain but to bad intentions (hacks) and human error. View More