CODEFYCS PRESENTS...
BLOCKCHAIN & C
BY CATHERINE RASGAITIS | EDITED, ART, & LA Blockchain is arguably the most important technology shaping the world of business and finance today. Bitcoin in particular has dramatically changed the way people handle transactions and business dealings. In fact, according to Leftronic, the blockchain industry is anticipated to gain $20 billion in revenue within the next five years.
Essentially, blockchain cryptocurrencies such as Bitcoin, work by using a public ledger that records and verifies transactions. Bitcoin is decentralized, which means that there is no central authority overseeing these exchanges. Instead, blockchain is based on a peer-to-peer network that relies on its users to verify and store data.
Why? One of the greatest appeals of blockchain applications is that it provides greater transparency for its users compared to traditional systems that require paper-heavy processes, third-party services, and physical signatures from everyone involved. Blockchain not only eliminates these requirements, but it also prevents serious consequences like human error or fraud.
This requires the help of Bitcoin miners. When a person wants to send Bitcoins to someone else, Bitcoin creates a transaction block to represent the exchange. After the block is broadcasted to Bitcoin miners, they can verify and approve the block.
Furthermore, because of blockchain’s superefficient nature, it removes the necessity of a “middleman,” such as a bank. This means that there are fewer steps to complete a transaction and users do not need to pay bank fees or schedule their time around bank hours.
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To do this, miners solve complicated mathematical puzzles to convert all the information in the transaction block into a shorter sequence of numbers and letters. This sequence is also known as a hash. Each hash representing a transaction is different and it is impossible to tell what data the hash represents solely by looking at it.
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