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What Is The Meaning Of Blockchain?

26 September 2021   23:31 Diperbarui: 26 September 2021   23:34 35 2 0
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What Is The Meaning Of Blockchain?
Digital. Sumber ilustrasi: PEXELS/ThisIsEngineering

blockchain can be called a sequential block chain that is assembled and distributed concurrently. Each of these blocks consists of a ledger or ledger consisting of three elements, namely data, hash, and hash contained from the previous block. The type of data contained in this technology depends on the purpose of holding the blockchain itself. Well, while the hash contained in it consists of a signature or fingerprint. This hash is used to identify the block as well as the entire cost that contains a particular unique code. The hash contained in the previous block is the part that is able to carry traces of previous information while securing it from a blockchain chain. Blockchain can also be referred to as a new technology developed for digital data storage systems. This technology is connected to cryptography and its use itself cannot be separated from the bitcoin currency and is also known as cryptocurrency. Crypto currency or often called cryptocurrency is a digital asset which is understood as digital currency. This currency is very different from the conventional version, where cryptocurrency is used for virtual transactions via the internet or online.

This currency is decentralized, which means that no one party intermediaries in a transaction. So, the payment takes place, which means it is made between the sender and the receiver directly. In addition, all transactions will be recorded through a system that is already available with optimal and reliable security. Due to its decentralized nature, cryptocurrencies require sophisticated and capable computer technology specifications. In general, they will use a blockchain platform to make transactions easier. One of the advantages of Blockchain is that the transaction information in it cannot be changed after it is recorded. There are permanent records and because the ledgers are held by multiple entities it is very unlikely to be hacked by an irresponsible person. All transaction inputs are made incognito, so there is a very limited level of privacy access. In addition, the security factor makes no one who has the most authority. Blockchain was first created along with Bitcoin, by someone under the pseudonym Satoshi Nakamoto. He wanted a decentralized, permanent and public system for recording the creation and distribution of Bitcoins. Currently Blockchain has done its job of recording all crypto transactions. Of the 21 million coins in circulation, there are already 18 million Bitcoins in existence and every transaction used is recorded in the Blockchain. Although the creators designed this system as a public ledger, in fact currently the use of Blockchain can be controlled by certain companies. It's just that the difference is that it's stored on fewer computers and doesn't offer the same immutability.

Blockchain can store complete data with an immutable system. Because every recorded transaction there is always a code that is encrypted periodically and keeps changing. Even so, many have questioned the usefulness of the technology and even criticized the idea that Blockchain will change everything. Due to the advanced cryptographic protection system, Blockchain offers a much more secure experience than traditional banking. The fact that the technology is decentralized, and cannot be changed or edited makes it ideal for financial transactions and storage of important information. Blockchain is useful for maintaining user privacy, but unfortunately it is sometimes considered the payment method of choice for cybercriminals or hackers because Bitcoin network nodes do not have to reveal the identity of the person making or receiving the payment. Hope it is useful .

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