An Ultimate Beginner’s Guide to BlockChain

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Blockchain is a name you should keep in mind, because chances are it might completely revolutionise the way we maintain record of monetary transactions.

We saw the rise of Bitcoin a few years ago, and it is now a common medium for exchanging money across borders and geographies which were previously impervious. The rise of the internet economy has been a large factor in this, aided by the need for anonymity that follows fiascos by many internet services where your online activities are recorded and are free to be used as market leads, and possibly for other means. But with the rise of cryptocurrencies, nebulosity in online identification has always prevented generation of a concrete record of transactions they facilitate. That is set to change with blockchain.

The way this system works is surprisingly simple. Any transaction needs identifiers of the two parties between whom a sum is exchanged. Respecting that not everyone wants to have their identity revealed over an online transaction, it records only the identity provided to the service without any real markers that can be traced to either party. This and more information goes to constitute a block of data that can not be altered once recorded. This makes things secure. This data is then replicated on several devices (also part of the system), so that the entire system resembles a chain of data, earning it the name blockchain.

A lot of speculation about security of online purchases is solved through this method. Not only that, there are other places the system might fit and serve many ends. It can serve as a neat way on eliminating counterfeit voting. It can potentially make paper documents obsolete. It might even become the standard means of trading, especially in the stock market and become an easy way for companies to maintain an inventory of raw material and products, especially when either is sourced internationally.

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