Category Archives: Bitcoin Infograpics
There are hardly any technologies that hold as much promise as the blockchain, which has ever since its inception served to revolutionise every concept it has touched. Be it the commercially important fields like inventory management and package tracking, or more complex business like preventing vote counterfeiting or managing the accounts of thousands of customers, Blockchain is one technology that has thoroughly changed the scene.
Blockchain derives its name from the chainlike structure you discover if you trace each packet of information or block across the many devices it is spread over. Let me quickly share how this is arranged, taking help of the biggest success stories of the technology, cryptocurrency.
If I have to transfer money to a friend through the internet, I need to have a receipt to prove i have indeed transferred them money and also have that record to be impossible to tamper with. A cryptocurrency like Bitcoin or Ethereum can help carry out this transaction, and you’ll be fascinated to learn how it operates.
When you transfer an amount of money through BTC, the system records the transaction as a chunk of data. This is recorded as a page that is called a block, and it makes sense because it is pretty formidable, resisting all attempts at tampering the data once the record has been generated. To further make things airtight, the record is carried to multiple devices each of which saves a copy. If tampering with one record was hard, tampering with multiple copies of the record becomes a task no CPU is capable of accomplishing.
Blockchains even offer rewards for participants, which can go a long way to secure the feasibility of the idea and make up for the costs of electricity, CPU space and internet that are generated in the process. Techiespad has an interesting infographic that sums up all of this and more in a quick picture format. You should check it out below.
Author Bio: Stacy Miller has been blogging ever since she was in high school. Her love for technology and disdain for generic Hollywood movies has only grown over the years.
Bitcoin may be best known for facilitating darknet transactions and paying off ransomware hackers, but the digital currency is being accepted by banks and governments around the world as a new model for money. Furthermore, the disruptive technology underlying Bitcoin can be used for much more than money.
A blockchain is essentially a distributed, immutable ledger. While it’s giving the world of finance a lot to think about, top innovators see potential for numerous other applications as well. In fact, any system that relies on ledgers could see an increase in both efficiency and reliability if the power of blockchains can be harnessed.
For enterprise-level business, blockchain technology could be a real game-changer, but many business leaders don’t yet see the potential for practical applications – especially when investment in the experts who can build those applications is pricey, and most are relatively new to the business scene.
This article and accompanying infographics break down what blockchains are, how they work, and how businesses can use them to revolutionize everything from inventory to production schedules.
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