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Blockchain is becoming a hot commodity high tech industry. To help in the world of changes, here are some blockchain details and information everyone needs to know about.  We have compiled some useful information to help you get up to speed. This information is just so you understand. People who want to know more can contact me directly.

First of all, the blockchain is an incorruptible digital book of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

More blockchain details and Benefits to all of us:

Blockchain is a system (decentralized) to bring everyone to the highest degree of accountability. Resulting in:

• No more missed or corrupted transactions.
• An end to human or machine errors.  No more corrupt or broken databases.
• An end to transactions or exchanges (made in error) without the consent of the parties involved.
• The blockchain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers.  All of which connect through a secure validation protocol.

Blockchain technology is referred to and explained best by considering it Internet 3.0.  (Evolution of the Internet – better – safer – truth).

The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking, and we are here to help explain; is: What is Blockchain?

Therefore, blockchain technology created the backbone of a new type of internet.  The internet has evolved to where it is better for everyone globally. Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happen with the Internet changing commerce and how things are being done and communicated; is now being re-done in a new revolutionary method with blockchain.

Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.”  Seems like it is actually a great name for it; as it has proven to be just that. To date, the total value of the currency is close to $350 billion US.  And it doesn’t stop there, as blockchains can make other types of digital value.

Blockchain details do not need to be fully understood to be used by us all:

Like the internet (before blockchain) or your smartphone, computers, or your car; you do not need to know how the blockchain works for you to use it.

A distributed database – let us explain the blockchain details even more:

In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that when ever a secured and validated truth of any update is processed, that this network is designed to regularly update this spreadsheet.  If you can grasp this concept, you have a basic description and understanding of blockchain.  Some benefits to this process and function include:

• Information held on a blockchain exists as a shared, and continually validated and reconciled database.
• The blockchain database is not stored in any single location, meaning the records it keeps are truly public and easily verifiable.
• No centralized version of this information exists for a hacker to corrupt.
• It is Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
• Ultimate Security and Transparency.  Truth.

Blockchain Details: Durability and robustness

Blockchain technology is similar to the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network; the blockchain cannot:

1. Be controlled by any single entity.
2. Has no single point of failure.
3. Be corrupted or embezzled.

Blockchain details from the history of its Invention/Creation:

Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)

The internet itself has proven to be durable for well over 40 years.

Blockchain details: A network of nodes

A network of computing “nodes” make up the blockchain.

Together they create a powerful second-level network, a wholly different vision for how the internet can function.

Nodes and their role in the first blockchain example: bitcoin.

You (a “node“) have a file of transactions on your computer (a “ledger”). Two government accountants (let’s call them “miners”) have the same file on theirs (so it’s “distributed”). As you make a transaction, your computer sends an e-mail to each accountant to inform them.

Each accountant rushes to be the first to check whether you can afford it (and be paid their salary “Bitcoins”). The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the transaction (“Proof of Work”). If the other accountant agrees, everyone updates their file…

Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized industry.  Hence, as a result of blockchain it is already happening again; evolving to the next level of technology based on decentralized solutions and “truth”.

There are an every growing Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Because there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future.

Blockchain details: The idea of decentralization

The blockchain is a decentralized technology.

Anything that happens within the blockchain is a function of the network as a whole.New realizations now because of this:

• By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
• Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing.  Global.
• Vital record keeping, like a land registry for instance, is now fully public.
• A global network of computers uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.

To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis.

Blockchain details: Who will use the blockchain?

Keep in mind; you do not need to know about the blockchain for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.

Currently, finance offers the strongest use cases for the technology. International remittances, for instance.

Jobs and Careers are abundant in the blockchain. Due to this high demand, the search for blockchain developers is on the rise. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.

Consequently, the blockchain potentially cuts out the middleman for all types of transactions.  Hence the reason new methods for generating and being part of creating new monetary gains are higher than ever.

Thankfully, access to the financial sector and use of blockchain cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin, and to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet or ICO direction, need, or resource.

In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification and verification.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Blockchain details: Enhanced security

The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. By storing data across its network; no more risk.

Especially relevant to today’s needs; Because the blockchain lacks centralized points of vulnerability,  computer hackers can exploit them.

Today’s internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. This hard as we use that combination for so many websites that its hard to remember all them all.  And then having just one “username/password” combination creates identity theft issues.   Blockchain security methods use encryption technology.  Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.

A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. The “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding of your private key.

Methods for safeguarding include:

• We can create a paper wallet by printing it out
• Cold Storage Solutions.  Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built in and secure recovery points. Click on the Image to order one today.

 

Blockchain details: A second-level network

With blockchain technology, the internet (web) benefits with a new layer of functionality.

Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)

As published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions.  They claim it could represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs has underestimated this incredible new world of blockchain.

Feel like you are missing out?  Do not.  Read on.

Want to be a part of the future? Become a Miner of Cryptocurrency on the blockchain in the easiest manner possible. Consequently, you do not need to fully understand it or put capital at risk. VISIT HERE for the details on how you can safely and securely use your Computers (when you are not using them and they would be otherwise idle) to benefit and earn BTC (though you will be part of mining the most productive forms of Cryptocurrency).  SEE THE DETAILS and get STARTED HERE.  This is literally creating the possibilities of millionaires amongst even the simplest and non-understanding of us out there.  And therefore, it is real. In conclusion, this works without you fully understanding it.

This can be a lot to take in.  So we invite you to bookmark and come back for more information, or to review this information. While the information provided will only increase your appreciation for this education on blockchain, there is nothing but growth and adventure for us all to witness. Our blog on blockchain can inform many people on the internet.  Subscribe to the right ——————————————-> To have up to date information at all times!

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