Blockchain Education

Blockchain education associated with Cryptocurrency is not as complex as you might think.  Really just some basic information is all you need to be able to use the Blockchain and you will find what you need right here.  You don’t have to know all the details, just an understanding of the basics is sufficient.

To start with, blockchain is like an incorruptible digital file of one on one economic transactions.

This program not only records financial transactions but other things of value.

Details Broken Out in Simplicity:

  • The Blockchain is like a huge spreadsheet. It is global and decentralized which means it has no “central” authority.
  • It keeps track of coins/tokens/information, who sent how many sets to whom.
  • In the case of digital currency or Cryptocurrency; it tracks what the balance of every account is.
  • Thousands of people (miners) across the globe who have “special” (high powered and uniquely configured) computers store and maintain these transactions.
  • The blocks within the digital ledger consist of all the individual transactions that people send and receive through the blockchain. 
  • When you access your Cryptocurrency Balances any Crypto Wallet or view your transactions on various and specific sources like etherscan.io, blockchain.info, etc., you are seeing facts on the blockchain, not your personal system.

Benefits of the blockchain education:

This is a system with Digital ledger that has no central control to keep everyone accountable. This results in:

  • No more missing or corrupt transactions.
  • Puts a stop to human or machine errors.  No more corrupt or broken databases.
  • Stops transactions or exchanges (made in error) without the consent of the parties involved.
  • The blockchain guarantees the validity of a transaction by recording not only on the main register but on a connected distributed network of registers.  A secure validation protocol connects all the registers.
blockchain

Think of this technology as another internet.  The internet that is evolving into –Better-Safer-Truth.

The tech community originally constructed technology for the digital currency and now finds other uses for the technology. Everything that is happening with the Internet like changing business procedures with how things done, and especially the communications is now being re-done in a brand new revolutionary method called blockchain

With the creation of this system, cryptocurrency began with proof of Bitcoin. Bitcoin is called “digital gold” and it is proven to be just that. Digital ledgers don’t stop there, they can create other types of digital coins of value.

The crypto database work if not fully understood:

Take your computer for instance, do you know how it works? I know which buttons to push to get it to do what I want. But, I have no idea how it does it. Now, our cars, smartphones, TV are all digitalized and better than ever. I don’t how this is done, but I can operate them. Same with this system, use it and learn as you go.

Here is an explanation of the database system in a simplified manner.

Think spreadsheet, a huge, worldwide, spreadsheet that is decentralized. That means it has no central authority. This spreadsheet tracks coins, tokens, and other information that is distributed. Guess what, if it is coins/cryptocurrency, it works in real-time. Across the globe, computers keep track of all important information which is then stored.

These are the blocks within the digital ledger which are all the individual transactions that go through the blockchain.

Here is a recap:

  • Data on a blockchain is continually updated and reconciled.
  • The records on the blockchain are public and verifiable.
  • Since there is no centralized place, the hacker can’t find the info to corrupt.
  • Hosted by millions of computers simultaneously.
  • Ultimate Security and Transparency.  Truth.

Blockchain education: Durability and robustness

This Blockchain education technology and the internet are akin as they have built-in strength and power. The storing of blocks of identical source across the internet, the blockchain CANNOT:   

  1. Allow control by any single entity.
  2. Has no single point of failure.
  3. Be corrupt or steal your money.

Blockchain details: The idea of decentralization

Changes within the database can only happen by the whole network. Thus, this brings a few important implications:

  • 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. A global economy that has no opening or closing. But operates 24/7/365.
  • Vital record keeping, like a land registry, is now fully public.
  • The blockchain technology uses a global network to oversee the documented transactions. So the blockchain information is current and available in real-time.
  • The blockchain is “decentralized”. Not one central authority manages the blockchain, but the network. It works on a user-to-user basis.

Who will use the blockchain?

blockchain education

Keep in mind, the blockchain can be useful in your life even if you don’t know how it functions. Right now, financial transactions are the major uses.  This technology will make international remittances very easy.

Jobs and Careers are abundant in the blockchain. Right now, a high demand for blockchain developers is available and this is only going to grow. Virtually everything is relevant to evolve into the blockchain. By cutting out the middleman in all types of transactions, creating new financial gains are better than ever.

The general public got access to their crypto with the invention of “wallet” applications. These “wallets” allow you make purchases with crypto coins which you store.