With 2017 seeing the meteoric rise in Bit Coin prices, most have been left wondering how a virtual entity caused such a storm. Those who found themselves in the eye of the storm, those with the foresight to invest in crypto currency when it was founded are sitting on top of fortunes. The world has already seen its first billionaires who came about their wealth investing in crypto currencies. Although the ebb and flow of the crypto currency seems very much like a standard stock market, the magic happens inside what is called a blockchain. This is a list of ten facts (and myths) about blockchains, to help grasp the gravity of this new phenomena which can potentially change the not so far future in drastic ways.
The system on which crypto currencies work which is the blockchian, is extremely. With this level of transparency and not one person responsible for the book keeping it is very difficult to corrupt everyone involved. The block chain technology is very rock solid compared to other safety nets involving internet.
The general construct of this discussion may have led to the belief that there is only one blockchain in existence. This is not true. Another misconception that may have been formed is that every person has access to every blockchain in existence. This is not true. Blockchians can be public or private. The public blockchians follow the set rules which have been discussed before. The private ones however have a slightly different set of rules. Basically, the person who creates the blockchain is allowed to give access privileges to anyone they wish. Also they may also decide when to add a block to the chain. This may seem unfair but since everyone enters block chain willingly it is still safe compared to other systems.
There are also consortium blockchains. Power does not lie with any one person on a consortium blockchain. Instead, all participants have complete information to the transactions being done on the blockchain.
The ten aspects of the blockchain technology highlight its utility in and prove that it is in fact a thing of the future instead of just a foot note in the progress of banking and finances.
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