Distributed ledger on internet network is something the world of digitization always needed but never strived for. Thankfully, with phenomenal growth in technology, this fool-proof method of maintaining records has become a reality and is sure to become a hot thing in future. Transactions involving new wallet cryptocurrencies are purely between the sender and receiver, there is no third party whatsoever involved in between. This is made possible with blockchain technology.
Working of blockchain
Blockchain is basically digital representation of transactions that are done using cryptocurrencies. This blockchain works like a global spreadsheet that utilizes the peer-to-peer cryptocurrency network for verifying each and every transaction. Since the ledger is distributed the risk of a central database getting hacked is completely eliminated. Blockchain is made two-key secure – where the option of public viewing or private viewing can be chosen according to the level of security required for saving information. If a broader perspective is adopted, blockchain concept can be called as internet of secure information and can be extended to any environment where records are to be viewed publicly but secured in fool-proof manner.
Since all the information is stored in encrypted form, there is no chance of tampering with the data. Whatever is done is time-stamped. If the user attempts to alter with the cryptocurrency record, he may require decoding the whole track of blockchain something which is not so easy to do.
Probable answer to capitalism
Conventional methods of storing transaction records are said to have given rise to capitalism and centralization of power. The ability to run blockchain on any personal computer and decentralized control over the currency is certainly the best possible answer to state-controlled banking system.
Thus, ability to send own money without paying anything to third party is a dream that all wanted to be real. Blockchaining is certainly here to stay and become the future way of storing information.