Created back in 2010 by an unknown programmer (or group of programmers), claimed to be from Japan, Blockchain was originally meant to be the backbone of the upcoming cryptocurrency, Bitcoin. As Bitcoin was something new, unique and never seen before, with countless of advantages over other virtual or real currencies, it quickly got to the top and became one of the hottest topics of the decade. Even more, in 2016 and in 2017 Bitcoin surpassed all expectations and took the whole currency trading market by storm outranking any currencies that dared to stand in its way. With so much success of Bitcoin and other cryptocurrencies, of course, the technology behind them got everybody’s attention and people started to ask what is Blockchain and how it works, why it’s so special and why it’s new level in technology. But before regular people started to show some interest for the technology behind almighty Bitcoin large tech companies were up for it. After they released actually how big Blockchain was, how useful it could be for every business starting from small businesses, agencies and largest companies, everybody started investing in Blockchain technologies. Nowadays many many businesses use Blockchain to make their life easier and cut down all expenses that they were spending with other technologies. JP Morgan, IBM, and Fidelity are the biggest companies today that actively use Blockchain to secure their services and deliver great results with much fewer resources. Also, worlds one of the most popular freelancer blogging platform Steemit is using Blockchain for their web services and rewarding good writers with their own cryptocurrency that can be redeemed for real money by another Blockchain based platform. With the massive growth of interest in Blockchain and many businesses desire to move to it, many Blockchain services companies were born to offer every business an easy solution. Some of them like Codeline agency offer expert level developers for working on Blockchain projects while other provides various services like cryptocurrencies transfer services or custom Blockchain addresses.
How does Blockchain works and why it’s so powerful
The beauty of Blockchain technology is that it allows almost anyone to benefit from its excellent features, large companies, small businesses, investors and individual people can use Blockchain to make their working easier and secure. The blockchain is open source, public record of transactions that allows anyone to see transactions data and understand how it works. However, it doesn’t allow anyone in the world to make any modifications to blocks of information, delete it or hide from someone. Even system administrators can’t do anything about a block when it’s connected to other blocks. Literally, Blockchain is just a massive amount of blocks, each containing some information, connected with each other by chains that can’t be edited or eased so nobody can manipulate it and change previous information. The whole chain is connected to a cloud network of thousands of computers in real time, each synchronizing with one another. Each block is connected chronologically so it’s clear which transaction was earlier and how it went. If there is a need to update a block it’s required to create a new block with updated information and connect it to the end of the chain. This way no any information is ever lost and everything is crystal clear, making any corruption impossible. To make sure each added block is valid and doesn’t include any fake or malicious code, each block is scanned by all computers in the network against numerous security checks and algorithms, each computer has to proceed scan and accept if the results are positive. After and only after all computers accepted the connection request, a block is added to the chain. This way nobody can hack Blockchain, fake any data or crack it. Hacking the system requires to hack thousands of computers located all around the world, simultaneously. It’s harder than it looks and not any hacker even succeeded in hacking Blockchain. With complete security against any fraud, Blockchain technology has the ability to deliver full service at much cheaper price than any concurrent technology that needs dozens of security process to defend against cyber attacks. That’s a most important reason why Bitcoin could go all that well without getting abused and lots of money hacked away, plus nobody could manipulate it and cause unreal price changes.
