What is Block Chain?
What is Block Chain?
People usually connect Block Chain with Bitcoin, but the fact is Block Chain is a technology and Bitcoin is a Crypto currency. Crypto currencies are using Block Chain Technology to come into existence and grow its usage.
Block Chain actually has given a solution to a problem. People think it’s a product, software or hardware… Of course they are supporting ingredients to make Block Chain work. But my recommendation is to treat Block Chain as a Technology Solution that’s makes decentralized process possible.
Block Chain will change the way Organizations work.
Block Chain is the only solution to moving Organizations and Industries from a Centralized system to one that is Decentralized in order to bring Trust, Integrity & Security.
Let’s take an example of an online virus attack – whenever the world faces online virus attack, within a very small span of time, the whole internet faces problems.
In this scenario most of the antivirus companies start marketing their product, saying that they have the patch or solution upgrade, which can secure your computer.
How can Block Chain solve this problem? There are many solutions that come up around the world at the same time. Hence we can start punching these patches with the help of Block Chain and within a very small span of time, the whole world will be updated with a perfect security patch.
Hence this problem can be solved by decentralizing the update for antivirus and the perfect solution will be delivered at very low cost.
Now-a-day’s countries follow a voting system that uses electronic voting machines. These voting machines have now come into the radar of being hacked. This has happened because voting is centralized. If countries use voting systems with the help of Block Chain, then there is absolutely no chance of hacking, because this will take support of decentralized mechanism.
Media & News
We are experiencing fake news on many platforms of social media … This fake news harms society, people, community etc… Block Chain can solve this problem. Before sharing any news, if every media checks the news index provided by Block Chain, then fake news can be suppressed within minutes, and true news will keep on getting high index and will be validated.
Moreover this can help society vice versa i.e., most of the governments suppress news for their vested interests but after successful indexing of news via Block Chain, this problem will also be solved.
The biggest problem in the Legal Industry is that it has many areas, like security of documents, forensics… etc. Over a period of time, Legal Industry is the domain and this has been in news. Block Chain can solve the problem of making it centralized to decentralized.
Real Estate Registration
When a person buys a home, there are three parties involved – (a) Buyer (b) Seller (c) Registrar.
Whenever this deal takes place, papers are made and are registered with a centralized registrar which could be any Government Department. But Block Chain will solve this problem by making the centralized control to a decentralized one, hence making it more transparent, secure & cheap.
In order to send money across borders, three parties are involved, i.e., Sender, Receiver and Company (Bank). In This case you will register a deal at the Bank or Company’s Server which is centralized… and they charge huge commissions on this transfer. Block Chain makes it secure, simple and even free of charge.
Let’s talk about the Healthcare Industry. There is a big need to keep health records universal and secure. This can be achieved by using Block Chain Technology, again making it decentralized from centralized.
Some of the below industries will also get affected by the new process implementation in future Education , IPR Industry, Telecom, Share Markets, Genetics, Medical Research, Space etc.
(Note: “Centralized” – This is The word hated by Block Chain … That’s why the concept of Block Chain came into existence. Block Chain is De-centralized, that means many registrars and once the deal is finalized, every registrar updates their register and shakes hand. Please note – This Deal can’t be changed at all…By anything! Once punched, its registered..! This is Actually the Beauty of the Block Chain Concept.
This actually has solved the problem and the trust has increased….Business will become simpler, less expensive, cross border)
How does BITCOIN support the BLOCK CHAIN Concept?
Bitcoin is a crypto currency and it was in existence, but was finding its way to spread all around. It took the help of Block Chain to make it robust and go on … proved history.
What is Crypto currency?
It’s a Digital form of Currency which has some value attached it.
Types of Crypto Currencies?
After success of BITCOIN, there is a wave of crypto currencies in the world, some of being Litecoin(LTC), Ethereum (ETH), Zcash (ZEC), DASH, RIPPLE(XRP), Monero (XMR), Peercoin, Namecoin…
A more interesting fact is that the internet has come up with a new Crypto Currency Exchange also, which keeps giving live information regarding Market Capitalization, Exchange Price in ($), Supply, Volume etc and it’s Live..!
Who are Miners?
Mining is the process of solving some mathematical problem.
Cloud Mining or Cloud Hashing enables users to purchase mining capacity of hardware in datacenters.
Bitcoin cloud mining enables people to earn Bitcoins without managing hardware, software, electricity, bandwidth or other offline issues.
Hence all Bitcoin mining is done remotely online.
What is wallet?
Its a software which can be installed on computer or mobile. Functionality of the wallet is to store, send and receive digital currency.
Most of the crypto currencies have their own wallet. We can use third-party wallets for this also.
Wallet actually acts as a personal ledger for all transactions.
Security of the wallet depends upon the source of the wallet developing company. It is always recommended to download from known sources.
Every Wallet will give you a key to access as a user. You should never forget or lose that key. If you lose that key, then you will lose your coins also.
Types of Crypto Currency Wallets:
Crypto currency wallets are available in different forms. We have Desktop Software Wallet, Mobile App Wallet, Online Wallet, Hardware Wallet, Paper Wallet etc