Crypto Currency

5 Interesting Facts About Blockchain Technology

Blockchain is the technology that makes Bitcoin and other cryptocurrencies very secure. Its an open-source and distributed database that is…

Blockchain is the technology that makes Bitcoin and other cryptocurrencies very secure. Its an open-source and distributed database that is stored in nodes or computers within the network. When new transactions or blocks are added to the blockchain, it will automatically update itself. Here are 5 very interesting facts about this ultra-modern technology.

1. Its Tamper-Proof

Once an entry has been added onto the blockchain, it will be nearly impossible to remove or alter it later. If you want to alter an entry, you’d have to basically alter all the transactions that came after it. Doing this is mathematically impossible, so even genius fraudsters would have to look elsewhere to steal bitcoins without too much effort. Being tamper-proof is also the reason bitcoin payments are final and irreversible.

2. Its 100% Transparent

Anyone with access to the blockchain can see all the transactions that have ever occurred in the past. You can even look up the first ever block (block 0) that was mined by Bitcoin founder, Satoshi Nakamoto, in 2009. This genesis block contained the message The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

3. Criminals Cant Hide Behind The Blockchain

If criminals think they can hide behind the relative anonymity that Bitcoin provides, they’re sorely mistaken. Many have tried to evade the long arm of the law by converting their stolen loot to bitcoins and transferring them to
different wallets, but with the transparent nature of the blockchain, computer experts can spot and trace all the bitcoin transactions these criminals have ever done.

4. Blockchain Technology Is Not Limited To Cryptocurrencies

Many different startups have started to experiment with implementing blockchain technology in various industries. Once such example is Ethereum with their smart contracts technology which basically runs on blockchain. Since the blockchain is decentralized, two parties can make transactions between themselves without needing the services of a middleman. This not only saves you money, but it also saves you a lot of time and conflict.

5. Blockchain Can Still Be Improved

While this technology has definitely improved the lives of many people, it can still be improved. For one, as time passes by, the blockchain will grow to be several hundred gigabytes of data. This will cause a lot of bandwidth and storage problems on personal computers. Let’s hope the brightest minds in the crypto space can find a solution to this predicament soon.

Be the first to write a comment.

Leave a Reply

Crypto Currency

Game Developers Conference report: most developers frown on blockchain games

It seems that an overwhelming majority of game developers are also against NFTs and their use as a monetization method in video games. According to the Game Developers Conference’s 2022 annual report, 70 percent of developers surveyed said their studios have no interest in implementing NFTs or cryptocurrency into their titles…

It seems that an overwhelming majority of game developers are also against NFTs and their use as a monetization method in video games. According to the Game Developers Conference’s 2022 annual report, 70 percent of developers surveyed said their studios have no interest in implementing NFTs or cryptocurrency into their titles…
Read More

Continue Reading
Crypto Currency

Walmart Considers Its Own Cryptocurrency and Selling NFTs

Walmart have made moves towards creating its own cryptocurrency as well as a collection of non-fungible tokens known as NFTs…

Walmart have made moves towards creating its own cryptocurrency as well as a collection of non-fungible tokens known as NFTs…
Read More

Continue Reading
Crypto Currency

Crypto exchange ecosystem ShapeShift launches new version of its web platform

ShapeShift, a decentralized, non-custodial cryptocurrency platform, has announced the launch of its new open-source v2 web platform. The new platform allows users to manage their crypto privately, without KYC, simply by connecting their crypto wallets. In addition to a developer-friendly open-source code base, ShapeShift v2 allows users to track…

ShapeShift, a decentralized, non-custodial cryptocurrency platform, has announced the launch of its new open-source v2 web platform. The new platform allows users to manage their crypto privately, without KYC, simply by connecting their crypto wallets. In addition to a developer-friendly open-source code base, ShapeShift v2 allows users to track…
Read More

Continue Reading
Crypto Currency

Nexo Tapped Bakkt as its Cryptocurrency Custodian Partner

Nexo selected Bakkt Holding to custody part of its Bitcoin and Ethereum users’ holdings…

Nexo selected Bakkt Holding to custody part of its Bitcoin and Ethereum users’ holdings…
Read More

Continue Reading