Here are some blockchain details that everyone should know. Because, this is quickly becoming very prominent. And we all need to pay attention. As it may become our future source of money.
I have been asked to update this page, which I am finding quite difficult. Because I don’t really understand the internal Blockchain Details. Remember when radio, TV, the computer and now cell phones began, we did not understand the technology that made them work. But, today we just know if we turn on the switch, we will get sound and/or pictures.
First of all, with the computer, when you turn it on, it does not do anything unless you tell it what you want it to do. So, we learned how to do that by executing programs. I now have a new Android cell phone. Now I’m not sure who is telling who what to do. But I am learning to use it to make calls and send messages. I’m sure we can learn to USE Blockchain technology too.
I have spent hours reading about blockchain technology for beginners. Still, I can not tell you exactly how it works. It is beyond me. But I can tell you that it does work. And people are writing code to make it work. Therefore, we need to know is how to use it. And we need to understand enough to know that it is secure. The experts claim it is more secure than the Internet today. And because it is the technology of the future. we have to trust it.. It will change the way financials are handled. They say also, in time, it may also eliminate banks.
Simple yet ingenious
The blockchain is simple, yet ingenious. It is a way of passing information from person A to person B. And passing it in a safe and automated way. Therefore, it is like paying in cash, but through the ethernet.
There are techniques and instructions to do this. And the information is secure and incorruptible. However, it is still a mystery. But I can see the advantages. Can you? Here is an example:
Buying a Ticket with Blockchaining
Think of a railway company. Now suppose we can buy tickets on an app or the web. Today, the credit card company would take a cut for processing that transaction. And the data would go thru our bank. Therefore the information would be stored there. Now, if this transaction is done with blockchain, the railway operator will save the cost on the credit card processing fees. And it can move the entire ticketing process to the blockchain. In this case, the two parties in the transaction are the railway company and the passenger.
The ticket is a block, which will be added to a “ticket blockchain”. Because it is a unique, independently verifiable transaction. And it cannot be falsified. So, it is a record (block) that is added to a blockchain. Incidentally, the final ticket blockchain may be a record of all transactions for a certain train route. Maybe even the entire train network. So it could include every ticket ever sold. Furthermore, even every journey ever taken. Amazing, but now possible.
How it actually happens may seem overly complicated. But maybe we will be able to break it down into smaller, more understandable parts. So don’t despair, if you don’t get it right away. Because I do think you will get a beginning understanding here.
To begin, the blockchain is not just a financial transaction. It is an incorruptible digital ledger of an economic transaction. So it can be programmed to record not only financial transactions but virtually everything of value.
Here are some Blockchain Details Broken Out more Simply
- The blockchain is like a huge, global, decentralized spreadsheet (That means that no one system or person stores the details).
- It keeps track of who sent the data (coins/tokens/information sets ) and to whom they belong.
- In the case of Coins (Cryptocurrency), it tracks what the balance of every account is.
- And it is stored and maintained by “special”, high powered computers. Computers that are owned by thousands of people (miners) across the globe. Incidentally you can learn how to become a miner here also by going to SMART MINER.
- The blocks contained within the blockchain are made up of all the individual transactions. The transactions that are sent and received through the blockchain. For example, all the individual transactions sent from places like OMINEX or MyEtherWallet are joined in blockchains.
- You can access your Cryptocurrency Balances on Ominex.com. Or you can use any other Blockchain Wallet to view your transactions. Some others are etherscan.io and blockchain.info. Therefore, when you look there, you see data on the blockchain, not in any one personal system.
More blockchain details and Benefits
Blockchain is a system (decentralized) to bring everyone to the highest degree of accountability. Resulting in:
- No more missed or corrupted transactions.
- An end to human or machine errors.
- No more corrupt or broken databases.
- And an end to transactions or exchanges (made in error) without the consent of the parties involved.
The blockchain guarantees the validity of a transaction. And it does this by recording it. Not only on a main register, but on a connected distributed network of registers. As a result, it is all connected through a secure validation protocol.
So where did it come from?
The blockchain is an undeniably ingenious invention. It is the brainchild of a person, or group of people, known by the pseudonym, Satoshi Nakamoto. But since its invention, it has evolved into something greater.
Blockchain technology may be considered the backbone of a new type of internet. And this “internet” has evolved to where it is better for everyone globally. Because it was originally devised for the digital currency, Bitcoin. The tech community is now finding other potential uses for the technology. And we have seen it happen with the way the Internet is changing commerce. We are seeing a new way of how things are being done and communicated. Therefore, things are now being re-done in a new revolutionary method with blockchain.
You can use Blockchain without fully understanding it.
Like the internet (before blockchain) or even before your computer, you do not need to know how the blockchain works for you to use it. However, you need to have a basic knowledge of this new technology, This basic knowledge will help you to understand why it is considered revolutionary. Some basic knowledge should give you the confidence to begin to use it.
Think of it as a distributed database
In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that whenever any update is processed, that network is designed to update this spreadsheet. If you can grasp this concept, you have a basic understanding of blockchain. Some benefits to this process and function include:
- Information held on a blockchain exists as a shared, validated and continually reconciled database.
- The blockchain database isn’t stored in any single location.
- But your transactions are easily verifiable.
- No centralized version of this information exists.
- It is Hosted by millions of computers simultaneously
- It provides ultimate Security and Transparency.
Some History
Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. Until now, most of the problems associated with Bitcoin have been due to mismanagement. In other words, problems caused by human error. No flaws in the underlying concepts have been found.
The internet itself has proven to be durable for well over 40 years. This bodes well for blockchain technology. And as Blockchain continues to be developed and deployed, it should bring assurance for all of the Global Community.
The idea of decentralization
The blockchain, as it was originally created, is a decentralized technology.
Anything that happens within the blockchain is a function of the network as a whole. Hence, some important implications are now realized by this:
- By creating a new way to verify transactions, aspects of traditional commerce become unnecessary.
- Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain.
- Trading operates 24/7/365 across the Globe. There is no market opening or closing. It is truly Global.
- Vital record keeping, like a land registry, is now fully public.
- A global network of computers is using blockchain technology to jointly manage the database.
- The blockchain records are the structured transactions. This makes the information current and available at all times.
The blockchain is managed by its network. It is not one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth”. This is just the beginning with future possibilities to be investigated.
Who will use the blockchain? 
Remember, you do not need to know all about the blockchain for it to be useful in your life. Like computers have been enhancing everything around us with or without our knowledge of them. We do not need to know how they function.
Currently, finance offers the strongest use cases for the technology. International remittances, for example. The World Bank estimates that in 2015 over $430 billion US in money transfers were sent.
Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. And this is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.
Consequently, the blockchain cuts out the middleman for all types of transactions.
The concept of a “wallet” that holds blockchain cryptocurrencies is now available to the general public. Originally, people used the “wallet” to hold their Bitcoin. Now they are able to store and access other cryptocurrencies in addition to Bitcoin. We recommend OMINEX for your cryptocurrency wallet.
Compliance, identification and verification are needed to transact business with cryptocurrency. OMINEX is the leader in blockchain compliant solutions. It should become your“wallet” for cryptocurrencies.
Blockchain details: Enhanced security
The security, validation and “Truth” offered by blockchain is necessary. By storing data across its network, the blockchain eliminates all of the risks that comes with data being held centrally.
Today the internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security uses encryption technology. Therefore, Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.
The methods of Blockchain encryption is known as public and private “keys”. A “public key” is a long, randomly-generated string of numbers. It is a users’ address on the blockchain. Values (such as Bitcoins, or any Cryptocurrency) are sent across the network. And they are then recorded as belonging to that address. The “private key” is like a password that gives the owner access to their digital assets. When you store your data on the blockchain, it is not corruptible. This is true, but protecting your digital assets will require safeguarding your private key.
Methods for safeguarding include:
- By printing it out. This creates what’s referred to as a paper wallet.
Cold Storage Solutions. Methods such as a Trezor allows you to keep your “Public Key” and its contents in a safe location. They provide built in and secure recovery points. Select the Image to the right to order one today.
Blockchain becomes a second-level of technology on the Internet
With blockchain technology, the internet (web) benefits with a new layer of functionality.
Now, users can transact directly with one another. Bitcoin transactions in 2016 averaged over $200,000 per day in the US. With the added security brought by the blockchain, new internet business is on track to completely disrupt the traditional institutions. Furthermore, if you want to really see how much it has grown go here for the latest in Market Cap. It shows the hundreds of Billions of Bitcoin being traded.
In 2017 Goldman Sachs published information saying they believed blockchain technology had great potential. They feel it will optimize the clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year. It seems like, even Goldman Sachs has underestimated this incredible new world of blockchain.
Do You feel like you are missing out? Do not. There are many ways for you to get involved.
Do you really
want a piece of the future? To Become a Miner of Cryptocurrency on the blockchain is the easiest way possible. And you do not need to fully understand it or be at risk. VISIT HERE for the details on how you can safely and securely use your Computers to benefit. When your computers are not in use, when they are idle, they can be used to earn Bitcoin-type currency.
This is a way for you to be part of mining. And it is the most productive form of Cryptocurrency. Go here to SEE THE DETAILS and get STARTED. This creates the possibility of us all becoming millionaires. Even among the non-understanding of us all out here. And it is real. In conclusion, this works without you fully understanding it.
So, in conclusion, if your head is spinning like mine is right now, we invite you to bookmark this page. Come back and review it all again later. We hope this information will increase your appreciation of the blockchain. Certainly there is nothing but growth and adventure for us all to witness.
Be sure to give us your email address on the right so you can be kept up-to-date with any new information. Also any new blockchain programs, services. It should be fun for all of us.
