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An incorruptible digital ledger of economic transactions is known as Blockchain.  You can program it to record not just financial transactions but virtually everything of value. This particular ledger will be a public record of digital transactions. Every transaction will have a timestamp to include them in the blockchain. The timestamp is traced back to the very first block and it is also identified by a cryptographic signature. No one can alter any of these blocks which makes these transactions nearly impossible to hack.

Let’s  simplify this  for you.  

Details about Blockchain. Broken Out in Simplicity:

•  Similar to a huge, global, decentralize spreadsheet is blockchain.  This means no one system is the “Central” authority. 
• It keeps track of who sent how many coins/tokens/information sets to whom.
• Coins/Cryptocurrency tracks the balance of every account.
•  Thousands of people like miners across the globe store and maintain the information. They have special high power and uniquely configured computers.
• Therefore, the blocks remain within the blockchain are made up of all the individual transactions which send and received through blockchain. 
•  All individual transactions sent from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.

More  details and benefits about blockchain.

 A  system to decentralize and bring everyone to the highest degree of accountability is Blockchain.

Results of using this system is

• An end to human or machine errors. 
• No more corrupt or broken databases.
• No more missed or corrupted transactions.
•  End transactions or exchanges of errors  made without their parties consent.
• Ultimately, blockchain guarantees the validity of a transaction by recording it.  Not only on a main register but it connects to a network of registers.  All of which connect through a secure validation protocol.

 On fact, it refers to as the evolution of the Internet which is better, safer and  true is Blockchain technology.

Blockchain is an undeniably ingenious invention.  The brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto. Since the invention, Blockchain did turn into something greater.

The main question every single person is asking is What is Blockchain?

Never the less, details about Blockchain do not need to be fully understood to be used by us all:

Consequently, details to what blockchain becomes more clear here.  Digital information on blockchain allows to distribute but not copied.  This creates an endless and constantly does update to an accessible database. 

The backbone of a new type of internet is the blockchain technology.  This is where the internet evolves and to where it is better for everyone globally. Originally,  it devises the digital currency, Bitcoin and the tech community. It is now finding immediate and potential uses for the technology.

Therefore, everything we see happen with the Internet changing commerce,  we see how it changes things when it communicates. And it is not being done again as a new revolutionary method with blockchain.

Due to recent proof of Bitcoin and the creation of blockchain, Bitcoin is known as the digital gold.  Actually a great name for it.  It proves to be just that.  As of today, the total value of the currency is close to $350 billion.  Probably far more by the time this is read. It does not stop there, as blockchains can make other types of digital value.

The internet (before blockchain) or your smartphone, computers, or your car; you do not need to know how the blockchain works in order to use it. However, having a basic knowledge of this new technology helps you understand why it is considers to be  revolutionary.

A database which allows us to explain the blockchain details even more:

For example, picture a spreadsheet that is shares thousands of times across a vast network of computers. Then realizes when security and validation of any update processes.  Furthermore, this network is designed to regularly update this spreadsheet.  In fact, if you can grasp this concept, you have a basic description and understanding of blockchain. 

Some benefits to this process and function include:

• Information held on a blockchain exists when it shares, and continually validates and reconciles a database.
• The blockchain database does not store in any single location, meaning the records it keeps are truly public and easily verifiable.
•  Most Important, it does not centralize any version of this information that a hacker can corrupt.
• Data is accessible to anyone on the internet because it is hosts millions of computers simultaneously.
• Ultimate Security and Transparency.  Truth.

Blockchain Details: Durability and robustness

Similar to the internet and having a built in robustness is Blockchain technology. Therefore, it stores blocks of information that is identical across its network which the blockchain cannot.

1. Control by any single entity.
2. Has no single point of failure.
3. Be corrupted or embezzled.

Blockchain details from the history of its Invention/Creation:

Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption.

To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.

The internet itself has proven to be durable for well over 40 years. This is a track record that bodes well for blockchain technology as it continues to be developed and deployed for all uses and solutions for the Global Community we all live and work in.

Details about Blockchain are being Transparent and incorruptible.

The blockchain network lives in a state of constant consensus. Therefore, it is one constant consensus that automatically checks in with itself every ten minutes.

This is a kind of self-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions refers to as a “block”. As a result, here are two important properties that creates a blockchain:

1. Transparency data embeds within the network as a whole, by definition it is public.
2.  No one can corrupt the blockchain.

It can not alter any unit of information on the blockchain. Therefore, it  would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible becomes a larger and larger barrier constantly.

In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.

A network of nodes is known as details of  Blockchain.

A network of computing “nodes” make up the blockchain.

Together they create a powerful second-level network, a wholly different vision for how the internet can function.

Nodes and their role in the first blockchain example: bitcoin.

Every node is an “administrator” of the blockchain. It  joins the network voluntarily (in this sense, the network is devolves). However, each one has an incentive for participating in the network.  The chance of winning Bitcoins (competing to solve and verify as the solution), proving proof of work, and then creating the “mint” blockchain of information and  rewards a specific amount of bitcoins for the blocks that complete the blockchain.

Just as the internet was once just a way to share “emails” and information, it grows into massive commerce jobs and revolutionize industry.  In fact, as a result of blockchain, it is already happening again. It is evolving to the next level of technology which basis on devolving solutions and truth.

There is an every growing Bitcoin which we call  cryptocurrencies. It is an exchangeable value of tokens.  In addition, there is a full range of other potential adaptations of the original blockchain concept.

Because there are literally no barriers, the solutions will be a part of our everyday lives.  If not already,  in the immediate and every advancing future.

Blockchain details: The idea of decentralizing

 Decentralizing technology is called the blockchain.  As it was originally created.

Anything that happens within the blockchain is a function of the network as a whole. Hence, some important implications are now realized by this:

• By creating a new way to verify transactions, aspects of traditional commerce could become unnecessary.
• Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing.  Global.
• Vital record keeping, like a land registry, is now fully public.
• A global network of computers uses blockchain technology to jointly manage the database that records and structures transactions.  This makes information as up to date and available at all times.

Blockchain manages its network not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user basis. Therefore, this creates “truth” and the possibilities from all forms of mass collaboration. 

Blockchain details: Who will use the blockchain?

Keep in mind, you do not need to know about the blockchain for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.

Currently, finance offers the strongest use cases for the technology. International remittances, for instance. As a result, the World Bank estimates that over $430 billion US in money transfers were sent in 2015.

Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.

Consequently, the blockchain potentially cuts out the middleman for all types of transactions.  Hence the reason new methods for generating and being part of creating new monetary gains are higher than ever.

Access to the financial sector and use of blockchain cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin, and to be able to store and access it along with other cryptocurrencies. We recommend Tipping Circle for any blockchain wallet or ICO direction, need, or resource.

In addition, Blockchain creates many things and industries.  It creates a huge need for compliance and identification and verification.  TIPPING CIRCLE is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Blockchain details: Enhances security

The security, validation and “Truth” which blockchain offers is revolutionary and necessary for total global solutions in all sectors. Ultimately, by storing data across its network, the blockchain eliminates all of the risks that come with data being held centrally.

Especially relevant to today’s needs. The blockchain lacks points which centralize of vulnerability that computer hackers can exploit.

Today’s internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology.  Therefore,  Internet Security, along with almost all aspects of the Internet, evolve with blockchain.

These methods of encryption are known as public and private “keys”. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency or Design Variables) are sent across the network and records as belonging to that address. The “private key” is like a password that gives its owner access to their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding of your private key.

Methods for safeguarding include:

• By printing it out, it creates what refers to as a paper wallet.

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  Cold Storage Solutions.  Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built in and secure recovery points. Click on the Image to order one today.

  

Blockchain details: A second-level network

With blockchain technology, the internet (web) benefits with a new layer of functionality.
Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day.

With the added security brought by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin).

GOLDMAN SACHS
As published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs underestimates this incredible new world of blockchain. To help in the world of changes, here are some blockchain details and information everyone asks about. And some useful information to help you get up to speed. An understanding will suffice with details for those that want more.

Feel like you are missing out?  Do not.  We have so many ways to get you involved.

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This is literally creating the possibilities of millionaires amongst even the simplest and non-understanding of us out there.  And it is real. In conclusion, this works without you fully understanding it.

This can be a lot to take in.  So we invite you to bookmark and come back for more information, or to review this information. While the information provided will only increase your appreciation for this education on blockchain, there is nothing but growth and adventure for us all to witness. Maybe you will be like the thousands of others informed by our Blog on blockchain details here.  Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services and fun to be had by us all.

Author – Annmarie

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