Here are some blockchain details and information that everyone should know. Because, this is quickly becoming very prominent. And we all need to pay attention. Blockchain information may become our future source of money.
I have been asked to update Blockchain details and information which I am finding quite difficult. Because I don’t really understand the internal Blockchain Details. Remember when radio, TV, the computer and now cell phones began, we did not understand the technology that made them work. But, today we just know if we turn on the switch, we will get sound and/or pictures.
First of all, with the computer, when you turn it on, it does not do anything unless you tell it what you want it to do. So, we learned how to do that by executing programs. I now have a new Android cell phone. Now I’m not sure who is telling who what to do. But I am learning to use it to make calls
I have spent hours reading about blockchain technology for beginners. Still, I can not tell you exactly all of Blockchain details and information are how it all works. It is beyond me. But I can tell you that it does work. And people are writing code to make it work. Therefore, we need to know is how to use it. And we need to understand enough to know that it is secure. The experts claim it is more secure than the Internet today. And because it is the technology of the future. we have to trust it.. It will change the way financials are handled. They say also, in time, it may also eliminate banks.
Buying a Ticket with Blockchaining
Think of a railway company. Now suppose we can buy tickets on an app or the web. Today, the credit card company would take a cut for processing that transaction. And the data would go thru our bank. Therefore the information would be stored there. Now, if this transaction is done with blockchain, the railway operator will save the cost on the credit card processing fees. And it can move the entire ticketing process to the blockchain. In this case, the two parties in the transaction are the railway company and the passenger.
The ticket is a block, which will be added to a “ticket blockchain”. Because it is a unique, independently verifiable transaction. And it cannot be falsified. So, it is a record (block) that is added to a blockchain. Incidentally, the final ticket blockchain may be a record of all transactions for a certain train route. Maybe even the entire train network. So it could include every ticket ever sold. Furthermore, even every journey ever taken. Amazing, but now possible.
How actually blockchain detail and information happens may seem overly complicated. But maybe we will be able to break it down into smaller, more understandable parts. So don’t despair, if you don’t get it right away. Because I do think you will get a beginning understanding here.
To begin, the blockchain is not just a financial transaction. It is an incorruptible digital ledger of an economic transaction. So it can be programmed to record not only financial transactions but virtually everything of value.
- The blockchain is like a huge, global, decentralized spreadsheet (That means that no one system or person stores the details).
- It keeps track of who sent the data (coins/tokens/information sets ) and to whom they belong.
- In the case of Coins (Cryptocurrency), it tracks what the balance of every account is.
- And it is stored and maintained by “special”, high powered computers. Computers that are owned by thousands of people (miners) across the globe. Incidentally you can learn how to become a miner here also by going to SMART MINER.
- The blocks contained within the blockchain are made up of all the individual transactions. The transactions that are sent and received through the blockchain. For example, all the individual transactions sent from places like OMINEX or MyEtherWallet are joined in blockchains.
- You can access your Cryptocurrency Balances on Ominex.com. Or you can use any other Blockchain Wallet to view your transactions. Some others are etherscan.io and blockchain.info. Therefore, when you look there, you see data on the blockchain, not in any one personal system.
You can use Blockchain without fully understanding it.
Like the internet (before blockchain) or even before your computer, you do not need to know how the blockchain works for you to use it. However, you need to have a basic knowledge of this new technology, This basic knowledge will help you to understand why it is considered revolutionary. Some basic knowledge should give you the confidence to begin to use it.
Think of it as a distributed database
In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that whenever any update is processed, that network is designed to update this spreadsheet. If you can grasp this concept, you have a basic understanding of blockchain. Some benefits to this process and function include:
- Information held on a blockchain exists as a shared, validated and continually reconciled database.
- The blockchain database isn’t stored in any single location.
- But your transactions are easily verifiable.
- No centralized version of this information exists.
- It is Hosted by millions of computers simultaneously
- It provides ultimate Security and Transparency.
Do You feel like you are missing out? Do not. There are many ways for you to get involved.
Do you really want a piece of the future? To Become a Miner of Cryptocurrency on the blockchain is the easiest way possible. And you do not need to fully understand it or be at risk. VISIT HERE for the details on how you can safely and securely use your Computers to benefit. When your computers are not in use, when they are idle, they can be used to earn Bitcoin-type currency.
This is a way for you to be part of mining. And it is the most productive form of Cryptocurrency. Go here to SEE THE DETAILS and get STARTED. This creates the possibility of us all becoming millionaires. Even among the non-understanding of us all out here. And it is real. In conclusion, this works without you fully understanding it.
So, in conclusion, if your head is spinning like mine is right now, we invite you to bookmark this page. Come back and review it all again later. We hope this information will increase your appreciation of the blockchain. Certainly there is nothing but growth and adventure for us all to witness.