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Blockchain Guide

Blockchain – The New Approach To Secure Online Transactions

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Crypto currencies have gained popularity in recent times such as Bitcoin. Those who use such a currency will have trouble tracking the transactions they make due to the safety as well as anonymity that Bitcoin offers. In order to overcome such a problem, it is best that one resorts to a cloud computing technology which is Blockchain.
The concept of Blockchain
If Blockchain is to be described in simple terms, it is akin to allowing people to witness transactions you do, when you make payments to different parties. In this case it is not people staying witness to your transactions but computers. The records are maintained with internet identities of both parties and saved as a particular page. This page then gets saved and locked in different folders as multiple members of a certain system. The pages are a block and the different folders constitute a chain. Hence a Blockchain is formed.
The process is easy to follow for getting your transactions recorded. You will be able to save proof and have records of the different monetary transfers you make. This is akin to having a passbook for crypto currency usage over the internet. Blockchain rewards the participants so that cost of device capacity used can be recovered and the electricity consumed in the data recording also becomes less.
Today the world is moving away from virtual money and with more international monetary transactions the globe has become one seamless marketplace of different services and products. Blockchain kind of services is set to grow in this account. This technique is being used by different commercial and banking organizations like Barclays, Maersk and Walmart. It could also become a payment method in contrast to the existing money transfer services that often come at a steep premium. Democracies can have more transparency in monetary transactions and ensure that no counterfeit votes come in. There are several possibilities that Blockchain offers.
How it works?
The concept and technology of Blockchain is based on cryptography. It works akin to an online passbook which gets updated every time you make a transaction and alterations are difficult. For instance, when you use Bitcoin to make a transaction, there are markers that are recorded which are unique to that particular transaction. Your privacy is assured as the service will not track any information back to what your real identity is if you wish to keep this undisclosed.

The blocks of data that are created for every transaction recorded can be saved on different devices. This gives rise to chain like structures. If one wishes to change data on a block that can be too difficult a task. The system will create several copies of the block and store them across different devices. In order to use Blockchain one needs to follow the steps below:
• In order to create a Blockchain wallet account all one needs to key in is an email address which should be verifiable.
• An exchange account needs to be set up which you can do with the different exchange partners like Bitcoin by navigating on the wallet.
• One can then start off transacting with crypto-currency like Bitcoin.
The above steps showcase how easy it is to start using Blockchain for recording crypto currency transactions.

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Blockchain Guide

Blockchain – The New Approach To Secure Online Transactions

Published

on

By

Crypto currencies have gained popularity in recent times such as Bitcoin. Those who use such a currency will have trouble tracking the transactions they make due to the safety as well as anonymity that Bitcoin offers. In order to overcome such a problem, it is best that one resorts to a cloud computing technology which is Blockchain.
The concept of Blockchain
If Blockchain is to be described in simple terms, it is akin to allowing people to witness transactions you do, when you make payments to different parties. In this case it is not people staying witness to your transactions but computers. The records are maintained with internet identities of both parties and saved as a particular page. This page then gets saved and locked in different folders as multiple members of a certain system. The pages are a block and the different folders constitute a chain. Hence a Blockchain is formed.
The process is easy to follow for getting your transactions recorded. You will be able to save proof and have records of the different monetary transfers you make. This is akin to having a passbook for crypto currency usage over the internet. Blockchain rewards the participants so that cost of device capacity used can be recovered and the electricity consumed in the data recording also becomes less.
Today the world is moving away from virtual money and with more international monetary transactions the globe has become one seamless marketplace of different services and products. Blockchain kind of services is set to grow in this account. This technique is being used by different commercial and banking organizations like Barclays, Maersk and Walmart. It could also become a payment method in contrast to the existing money transfer services that often come at a steep premium. Democracies can have more transparency in monetary transactions and ensure that no counterfeit votes come in. There are several possibilities that Blockchain offers.
How it works?
The concept and technology of Blockchain is based on cryptography. It works akin to an online passbook which gets updated every time you make a transaction and alterations are difficult. For instance, when you use Bitcoin to make a transaction, there are markers that are recorded which are unique to that particular transaction. Your privacy is assured as the service will not track any information back to what your real identity is if you wish to keep this undisclosed.
The blocks of data that are created for every transaction recorded can be saved on different devices. This gives rise to chain like structures. If one wishes to change data on a block that can be too difficult a task. The system will create several copies of the block and store them across different devices. In order to use Blockchain one needs to follow the steps below:
• In order to create a Blockchain wallet account all one needs to key in is an email address which should be verifiable.
• An exchange account needs to be set up which you can do with the different exchange partners like Bitcoin by navigating on the wallet.
• One can then start off transacting with crypto-currency like Bitcoin.
The above steps showcase how easy it is to start using Blockchain for recording crypto currency transactions.

Continue Reading

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