The future has already arrived, or what is blockchain? Blockc | Cryptounitofficial

The future has already arrived, or what is blockchain?

Blockchain appeared about ten years ago and opened up great prospects for the development of digital technologies. Initially, the technology was intended to store digital documents, eliminating the possibility of theft or falsification of the information contained in them. But the technology had not been much used until the moment when, in 2009, a certain Satoshi Nakamoto improved this technology to create the world’s first cryptocurrency – bitcoin. This was the beginning of a new era in the financial history of mankind.

From the name it is clear that the blockchain is a sequential chain of blocks in which certain information (database) is contained. All this data is encrypted and stored in a decentralized way, while being publicly available. Once the data is written to the blockchain, it is almost impossible to change it.

The technology can be applied in different areas: the development of digital documents, loyalty programs, copyright protection, medical records, digital signatures, banking, logistics, education, law.

Let us emphasize the main advantages of blockchain technology:

Data Protection and Security. The blockchain’s distributed ledger allows you to track and store all the transactions made by participants. If someone wants to destroy the ledger on the server, it can be easily restored, since all network members have a copy of the ledger.

Decentralization. The information is distributed across thousands of computers located around the world. This ensures that no one has complete control over the blockchain. Consequently, user transactions are free and as secure as possible.

Speed. The most complex operations are carried out within a few minutes, and the usual ones in a few seconds.

Cost reduction. The absence of intermediaries reduces the cost of transactions and increases their speed.

Blockchain undoubtedly has great potential and is a technology of the future that is already revolutionizing many sectors of the traditional and online economies.

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