What is

BLOCKCHAIN

TECHNOLOGY

Blockchain technology has made a massive impact in our current generation; with financial institutions and even world governments. What started out as an online platform for “peer to peer electronic cash system”, has now become a growing worldwide trend since its inception through the Bitcoin; everything else followed suit. More companies are now starting to learn how blockchain technology works and how its developments would still continue.

To kickstart, blockchain technology started out as a passion project of Satoshi Nakamoto. Even the name Satoshi Nakamoto is considered to be a pseudonym for what is speculated by many enthusiasts as a “dummy” of multi-million dollar corporations. Blockchain allows digital information to be distributed, but not copied. It simply means that blockchain technology gives information to all its users without compromising the data it stores. This technology was originally devised for the digital currency, Bitcoin, and companies are using this trend to expand a newer variety of its usage.

According to authors Don and Alex Tapscott of Blockchain Revolution, “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transitions but virtually everything of value.” In simple terms, blockchain technology allows all of its users to have a copy of that data, and all of its details and contents are transparent to all users. It is not a database, but rather, an individual copy mass produced for all, which is also constantly updated. Blockchain information is not stored on only one location, it is shared by the public and is easily verifiable. There is also no centralized version of the information stored for hackers to steal and corrupt as it is hosted by millions of computers simultaneously; stored and updated in real time.

The technology is readily available online and is needed to be imparted to new interested users. If you wish to learn more about its uses, pros and cons, be sure to register for a free trial/seminar with us.

How do they work?
A blockchain is a digital record of information. This information could be anything from monetary transactions to passport details.

Traditionally, valuable information like this would be stored in one place, by a bank or government. For example, a bank keeps a list of every transaction that’s made with its customers’ money, so it can accurately keep track of how much money each customer has.

Instead of keeping this information in one place (like a bank), blockchain technology stores this information on thousands of computers. Each computer has a copy of the blockchain – a list of every transaction ever made in exact time and date order. Once a transaction is added to the blockchain it can’t be edited or deleted.

Instead of having to pay a third party like a bank or land registry to transfer assets from one person to another, the blockchain allows this to happen securely by sending a record of the transaction to every computer in the network.

If anyone tried to change a copy of the blockchain without permission, all the other computers in the network would know and the change could not be made.

Here’s an example:

Person A wants to send person B some money. The blockchain contains a record of how much money both Person A and Person B have. All the computers in the network check whether Person A has enough money to pay Person B. They do this by examining their copy of the blockchain (a record of all previous transactions). If they come to an agreement and confirm that Person A has sufficient funds, the transaction is recorded and given a timestamp.

If someone tried to pay for something without the required funds, the network would reject the transaction.

How secure is Blockchain?
In a traditional network where information is only stored in one place, fraud or hacking is simple. But when records are duplicated on thousands of computers at once, the network easily detects a change made on one computer. The changed record no longer matches the records held by the other machines and the fraud is detected.

To hack a blockchain you would need to simultaneously change the records on every computer in the network at exactly the same time. The computing power to perform a task of this scale renders it impossible.

Is there more than one Blockchain?
Yes, different blockchains hold records of different types of information.
How does Blockchain affect me?
In the future, the transfer of any secure digital information will be handled instantly without the need of a third party, saving huge fees and time. blockchain technology already powers hundreds of digital currencies like Bitcoin and DasCoin but it can be used to store any valuable information that needs protection from hacking or fraud.

Contact Info

98/20 Moo 11 Kanlapaphruak Rd, Bangkhuntien Chomthong, Bangkok 10150

Phone (English): +66 944 80 9310

Phone (Thai): +66 929 45 4459

Disclaimer

This site is owned and maintained by an independent NetLeaders advocate. The views expressed here are solely those of the publisher and do not in any way represent the views or opinions of DasCoinNetLeaders or DasWallet.




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