The blockchain is a relatively complex entity of information that exists on the internet and is continuously evolving. Meaning there is an ever-expanding empire of information that we can collect from something as complicated as this virtual framework. If this framework is to be understood, we have to explain its essential core functions.
First and foremost, the blockchain acts as a verification and creation system. To expand the blockchain means that there are people that have developed hardware and software to solve complex mathematical equations to verify that each transaction on the blockchain is valid. The people that do this are called miners, and they make money back in bitcoin from each of the validations they complete. This gives an incentive for people to validate these exchanges for more cryptocurrency. As more currency is produced, to stop inflation, the difficulty of the math equations is increased to slow down the production of bitcoins.
The blockchain is a very secure method of sending out data between two parties. This is because it is considered incorruptible; meaning it is tough for an outside source to hack the data and change it in favor of the third party. The blockchain uses a public and private key security measure. In doing this, the public key is what you give out to people, so they know where they are sending the bitcoin while the private key is your personal access to the wallet or data location.
The blockchain is a secure database and is secured by hashing and encryption. For someone to compromise this network, they would have to hijack over 50% of the blockchain as the transactions would have to be accepted by others as the alterations of the data can be viewed by everyone. If the miners do not verify the data movement or transaction, then it is not completed and remains the way it was before.
It is believed that the blockchain will be a shared and trusted database between different companies, which means that instead of multiple companies all trying to recreate and better each other’s products the information on each thing will be stored on the blockchain readily accessible for any individual or company that could use the information. Instead of multiple people trying to work on a project while missing bits and pieces of information, it would be in one location where all the companies could collaborate on it.
The blockchain is suddenly becoming more and more of a reality every day as more miners are joining to help validate these transactions and movements of data making for a secure and safe way of sharing information. With all these great concepts, it is hard to say how many companies will work on something together rather than against each other. The companies would be taking a pay cut as more than one company would then have to be paid to complete the project. In conclusion, the blockchain seems as if it is here to stay and could be potentially one of the most secure systems that have ever been created.
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