What is Blockchain Technology?
Essentially, blockchain technology is a distributed database. Take a moment to imagine a spreadsheet duplicated thousands of times between a network of computers. Then, take another moment to picture this network’s spreadsheet getting regular updates and you will have a basic understanding of what a blockchain is. The information kept on a blockchain lives in a shared, and continuously reconciled, database. There are many advantages to using a network in this way. To name a couple of benefits, since the blockchain isn’t actually stored in one particular location, the records stored on it are open to the public and very undeniably verifiable. Because there isn’t a centralized version of the records stored it would be virtually impossible for a hacker to corrupt the information. And, because millions of computers are simultaneously hosting the data, anyone and everyone with internet capability would be able to access the information stored.
The Blockchain is without a doubt a genius innovation. It was created by an unknown person or group of people that are known by a pseudonym as Satoshi Nakamoto. Since its creation it has become something far greater than ever imagined, yet people still have really minimal knowledge of its existence or what it actually is.
By making possible the distribution of digital information (without that information being able to be copied), blockchain technology created the foundation for a brand new type of internet. It was devised initially for digital currencies such as Bitcoin, but with the overwhelmingly secure-ness of the blockchain technology it has opened up many very valuable uses in other areas. Sure, Bitcoin has been described as digital gold, and for good reason, but we are only scratching the surface of what blockchain technology can accomplish in the world today and we have yet to see where it will go. This is an exciting age to be alive and one can only imagine what time will tell with blockchain technology.
Blockchain’s Reliability, Durability, and Robustness
The beauty of the blockchain technology is that it is robust like the internet in the sense that it cannot be controlled by any individual, or have any single point of failure (helping to fight against potential hackers). These awesome features are accomplished by storing blocks or information identical across the entire network.
Blockchain is transparent to everyone, and best of all it’s incorruptible. The network thrives in a state of consensus checking in with itself every 10 minutes. This self-auditing ecosystem of a digital value will reconcile every single transaction happening every 10-minutes. Blocks are what these reconciliations are called. By doing this data is made transparent and then embedded in the network as a whole, meaning that every single person has access to it rather than an elite bunch who keep it private. Further, it cannot be corrupted because trying to alter any bit of information on the blockchain would require a vastly large amount of computing power to control and override the entire network (which would be an amazing feat!).
Theoretically it could be possible, but it is not likely at all to actually happen. With that said, if control were taken over by an individual or entity to take Bitcoins, as an example, would destroy the value of Bitcoins and make them worth nothing.