The most significant achievement in the early stages of the internet was the ability to transfer data in the form of messages, pictures, music, and more.
Overview
The most significant achievement in the early stages of the internet was the ability to transfer data in the form of messages, pictures, music, and more. This advancement ushered in a new era of civilization, one where people had access to an ever-growing collection of knowledge and ideas.
However, because data can be copied and distributed by anyone on the internet, there was no way to digitally transfer money between two parties in a secure way. Transactional data could easily be copied or falsified, meaning transfers of value required a third party for verification.
The invention of blockchain tackled this issue – it allows for the secure transfer of value between any two parties with an internet connection.
In short, a blockchain is a distributed ledger of data that is maintained and updated by a network of computers across the globe. The data is packaged into blocks, and each one contains a timestamp and a cryptographic link to the previous block.
The first widespread implementation of blockchain technology came along with the release of Bitcoin in 2009 by an anonymous person/entity named “Satoshi Nakamoto”.
The Bitcoin blockchain is used as a ledger containing all wallet balances and transactional data, keeping records that are secure and immutable – effectively impossible to change once they are stored on the blockchain.
After Bitcoin, more projects have been released that explore the possibilities of blockchain beyond wallet balances and transactional data. Blockchain technology has the potential to optimize processes in industries such as insurance, healthcare, real estate, and more, and the use cases are just starting to be explored.
How does it work?
As mentioned above, a blockchain is a distributed database where data is packaged into blocks and added to the database by computers (called nodes) across the world. These nodes work together to achieve a consensus on new data that is being added to the blockchain.
A new block contains a timestamp of when it was created, and a hash of all the data (transactions, difficulty target, etc.) in the previous block.
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