Understanding Blockchain Technology
Today I took the time to play at the Dex C TV Headquarters which was founded by Mr. Dex. Here we discuss a lot of the latest issues about blockchain, both viral and technical matters. Although I know technical things about Blockchain and cryptocurrency, I am very unfamiliar with the problem of understanding and history. Because the blockchain world is complete and numerous.
Here we brainstorm how to explain or tell people about this blockchain. Because blockchain is the technology of the future. This is what makes me have to study further. Talking about blockchain technology according to Mr. Dex we usually call him.
Blockchain is a decentralized, distributed, and public digital ledger that is used to record transactions on multiple computers. So the record cannot be changed retroactively (from something done afterward), without changing the entire block in its network, as well as the consensus within the block network. In short, a system of recording transactions in many databases that are spread across many computers, each of which contains the same records (connected to each other) so that it is impossible to change.
Records in this block can be used for various purposes, such as financial transactions, voting (elections), management, documentation, medical records, and so on. Everything can be done with this blockchain technology in a transparent and secure manner. Therefore blockchain is Open Source, Transparency, Decentralized, Clear Supply, Irrevocable, and allows participants to easily verify and audit transactions.
Blockchain databases can be managed independently by using various networks (networks) such as Peer to peer. They are recorded at all times in all databases with valid encryption.
For example, in everyday use. If you want to transfer money to your friends. The transaction is processed by the bank first, then the money is transferred to your friend. The bank will record your transaction and all transaction data is owned by the bank. This is called a centralized system because only banks have the transaction data.
If it is not in Cryptocurrency, there is no bank in cryptocurrency. So who recorded all that? That's a general question. Everyone in a cryptocurrency network, for example, the Bitcoin network. One of the largest and most in-demand cryptocurrencies today. Will record all the transaction data, this is what is called a blockchain (Decentralized System) system that is not centralized. Because everyone has everyone's transaction data, it can be tracked and audited independently.
The next question is who checks that the transaction is legal (true) or invalid (false)? This is the job of the bitcoin miners (miners), who will complete the verification and get bitcoins as a reward for the verification.
Then with open data, everyone can become a miner, will our transaction data be safe or not? Please note that cryptocurrencies are anonymous (no name). Because our crypto address or crypto account is not related to our identity. This is of course very far from the bank, which from the beginning of registration to our account number is related to our identity.
So in this crypto, privacy is higher. This is an example of a bitcoin address drawn below.
We don't know whose account is this? But if you go to the bank you will see who the owner of the account is.
Further, see the explanation of Mr. Dex in the discussion of the next issue. Our meeting this time only discussed what is Blockchain? Cryptocurrency, the history of this technology, its advantages and disadvantages will be discussed in the next article.