Blockchain is a decentralized and distributed database in an open-source model, in a peer-to-peer character internet network (a communication model in a computer network that provides all its "hosts" with the same rights), without central computers and without a centralized storage space. It is encoded with the usage of cryptographic algorithms.Innovative and revolutionary blockchain technology is a public and open register that is accessible to virtually anyone. It is fully protected against unauthorized access, however, thanks to the complex cryptographic tools. Blockchain is mainly used for "booking" individual transactions, payments or accounting records. Generally speaking - its basic tasks are: storing and sending information about transactions concluded on the Internet, which are arranged in the shape of consecutive blocks of data.In practice, it means that one block includes information about a determined number of transactions. After its "saturation", another block of data is automatically created, then another block and one more, making a kind of a "chain". In this chain, every 10 minutes a new block appears and is sent, containing information about various commercial transactions, shares or stocks, sales, cryptocurrencies and electronic currencies.The block size depends both on the particular implementation as well as on the characteristics of the specific cryptocurrency. For instance, the size of a Bitcoin network block cannot be bigger than 1 MB, which is a direct result of the BTC protocol specification.Transactions are digitally signed with a public key cryptography. Although the transactions themselves are public, all users remain anonymous for the whole time.Although blockchain technology is currently used to service diverse transactions (trade, currency, stocks), there is an ongoing research on the usage of the blockchain as a banking book, document authentication system, digital signature in government administration, or notarization. All transactions under this technology could take place outside the system that has been functioning for centuries and, therefore, without the participation of public institutions, directly between the parties of the transaction.The blockchain - as the banking book of transactions, with the current technology and computing power of computers - cannot be faked. It is estimated that the power required to break the blockchain network equals... half the Internet!More reliable and valuable information as well as trivia about this cryptocurrency can be found in the Blockchain News category. It includes the most interesting information about the cryptocurrency world, useful for all cryptocurrency supporters. Interesting and extremely useful news available in the articles, make it easier to understand this difficult, constantly evolving industry and the innovative technology that surrounds us.
According to the social media giant, the world needs a reliable digital currency. Will Libra coin meet these expectations? Can Facebook's cryptocurrency become 'Internet money' and, moreover, will its creation be a step to freedom or slavery?
On June 24, the Canadian company called Graph Blockchain issued a press release in which it announced the signing of a contract with the Ministry of Transportation in Seoul. As a result of this cooperation, a pilot program for data storage will be launched, all within the Smart City initiative.
On 17th of June the Business Wire stated in a press release, that Singapore Press Holdings (SPH), the NTUC Income (Income) and LumenLab insurance will establish cooperation. All this in order to take advantage of the possibilities offered by blockchain technology in automating the process of verifying claims for life insurance.
On June 18, the social media giant has published the white paper of the Libra project. This information has been anticipated for a long time. Facebook's cryptocurrency has a chance to contribute to the global adoption of all coins, but what do analysts think about it?
As a professional social networking service LinkedIn verified it in the latest report, an excellent knowledge of blockchain technology is one of the ten most crucial skills that employees in the Asia-Pacific region should have.
Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets has finally explained the problems with cryptocurrencies, although he did so by accident. After announcing potential penalties for miners, he stated that possession of Bitcoin, despite the ban, is still possible.
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