Blockchain and All Its Greatness

Companies are coming out with new and innovative ways to utilize this amazing technological advancement. What’s the big deal?

The Technology That Makes It All Possible

The Basics

So, What Exactly Is Bitcoin?

What Makes Blockchain So Great?

  1. Blockchain is a decentralized, distributed and public ledger. In our society, we rely on third-party institutions or individuals to validate and record transactions. These can be anything from banks, to lawyers, to real estate agents. They are the centralized point that controls the transaction. Centralized ledgers require the trust of the buyer and seller. With blockchain, transactions can occur without that middleman. This allows for what we call ‘peer-to-peer’ transactions. In addition, unlike a traditional ledger, blockchain exists on multiple nodes, or points, all around the world. If one node crashes, blockchain will very quickly be supported by one of the other nodes. Think of blockchain as a spider web with strings that attach to several different parts of a wall. If one of the strings falls, the spider web will still be okay because it’s got dozens of other strings that are supporting it. That’s was a distributed ledger is.
  2. Blockchain cannot be manipulated. Blockchain is a unique data structure that relies on the previous block of data added in order for it to run. In simpler terms, all data recorded to the blockchain verifies the data in the block that was previously added to the blockchain. So, if any of the data pieces were to be manipulated, all of the previous blocks of data would fail to match up. In the case that someone did try to manipulate the blockchain, the system that runs it would see the attempted manipulation and correct it. This is what makes blockchain tamper-free.
  3. Blockchain provides a plethora of different applications. Sure, blockchain rose to fame because of Bitcoin. Bitcoin took the financial world by storm and brought blockchain along for the ride. But the great thing about blockchain is that it exists outside of cryptocurrencies. Blockchain technology can be applied in real estate, supply chain management, the legal world and so much more.

What Is Coin Cloud?

--

--

The world’s leading operator of two-way Digital Currency Machines (DCMs), more advanced Bitcoin ATMs.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Coin Cloud

The world’s leading operator of two-way Digital Currency Machines (DCMs), more advanced Bitcoin ATMs.