Block chain technology has changed the usage of internet ever since it was created. We cannot ignore the fact that the invention of block chain technology is not only ingenious and brilliant, but also has been extremely helpful.
What is block chain technology?
Block chain technology is a system or a technology which is associated through a cryptograph (or through cryptography) and uses a list of blocks which are continuously increasing and spreading its branches. These blocks are actually records, and simply their chain is called a block chain.
Who came up with the idea of block chain technology?
Satoshi Nakamoto came up with the idea of block chain technology in the year 2008 when he thought of inventing an official and a safe register for records of crypto currency-mainly the bitcoin. We can say Satoshi created a worldwide register or ledgers of bitcoin, and this certainly has pleased everyone concerned with crypto currency.
What does block chain technology do?
Block chain technology has saved all users of crypto currency. Block chain technology was created for the purpose of easing transactions and keeping a safe track of them.
It uses a system of blocks, where each succeeding block in a chain has a tag or a hash of the preceding block, making it able to oppose change and digital modification by design. These blocks also contain a time stamp and a data of all the transactions held in them.
Block chain technology has prevented double spending (an occasion or moment in time where the same stamp is used to spend cryptic money again), and has many useful benefits including recording of transactions, offering of smart contracts, creating a reliable ledger system and even provide financial help.
Here are some of the advantages and uses that block chain technology has:
- Prevention of double spending: A time came in crypto currency where everyone was worried of accidentally using the same stamp or chip to spend money. This proved to be troublesome because it provoked many different negative reactions. However, block chain technology prevents the occurrence of double spending, and has widely eased the crypto currency transitioning processes.
- A definite record of transactions: Since block chain technology is a kind of ledger, we can say that it provides a detailed and compiled record of all the transactions which were held by using its specific block. Block chain technology helps in keeping all your transactions in one place, and keeps them safe and sound.
- Smart contracts: As the name suggests, smart contracts are made with minimum human interactions. Block chain technology provides the platform to conduct smart contracts among digital users.
Financial help and services: Block chain technology even provides financial help and services because major banking systems are becoming more and more comfortable with block chain technology as it provides certification and verification. Many companies and domain offer financial services through block chain technology.