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Blockchain technology in simple words

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Blockchain is a continuously connected block that contains all records with transactions. Each block wounds information from two adjacent cells. It's like a notepad where you can't change the entries. They are encrypted using a unique combination of letters and numbers. The peculiarity of the blockchain is the ability of everyone to study, view information inside the block, but it is impossible to change it or delete it. Since the data inside this system cannot be forged, it is recognized as anti-corruption. This is a promising technology that became widespread several years ago and is gradually gaining momentum. The global growth in popularity is associated with the advantages of blockchain: the efficiency of using the technology due to the speed of exchange, reducing time and improving quality. For example,, a Tier 2 infrastructure, innovates into the traditional fiat financial system.

Who first invented and described blockchain technology?

Work on the concept began in 1991, when two scientists set themselves the goal of making a system in which data could be stored without making changes. Programmers Stuart Haber and physicist Scott Stornet invented a registry in which all entries could be viewed. At the same time, the technology Screen Shot 2022-08-05 at 21.58.38supported recording the results of actions in the registry, was copied over the network and at the same time each operation contained a part of the previous block. Thus, the continuity of the data chain was ensured. The system was upgraded and updated by a person or group of individuals under the name Satoshi Nakamoto. It is still not known for certain where and how it worked, and how digital technology was applied.

A white paper presented on blockchain was published in 2009. This publication detailed a technology that aims to increase digital trust. Blockchain has found application in cryptocurrencies, applications and other areas. Any transactions can be carried out on the platform, there is no need to enable centralized management. The database is used by all participants, and each action is tracked by any of them. Autonomous management is organized in such a way that information from the block is copied in the previous and next.

What are the risks of blockchain technology?

The system, which has many advantages, is being implemented in many areas. Wide popularity and distribution are still associated with the risks that the blockchain carries. Due to its young history, the technology is difficult to incorporate into the project, some systems will need their own level of integration, with which internal corporate systems will be managed. There are no proper standards in the blockchain. Companies that try to implement the system and use them around the world do not adhere to a single structure. Versions of the technology are developed for each task individually. Accordingly, the improvement of the system is impossible, since everyone works independently. 

This leads to a breach of security and privacy. All users of the blockchain are anonymous, they can make payments without identification. Such conditions are suitable for criminals who get their hands on a ready-made tool to violate the law. This can be drug trafficking or the transfer of funds without tracking. Blockchain allows you to transfer huge sums without identification.

The introduction of blockchain will reduce jobs. Money transfers will be made without commission, verification and data processing. The number of insurance agents will significantly decrease if the company works with the help of the blockchain. In the same way, structures that are engaged in the registration of various types of documents will become unnecessary, the blockchain will do the work for them.