Blockchain world and August 927’s stance on it!
First of all, let us understand the concept of blockchain in some simple steps.
Step 1: Someone requests a transaction.
Step 2: Requested transaction is broadcast to a network of computers, known as nodes.
Step 3: The network of nodes validate the transaction and user’s status using some known algorithms. A verified transaction can involve cryptocurrency, contracts, records or other information.
Step 4: Once verified, the transaction is combined with other transactions to create a new block of data for the ledger.
Step 5: The new block is then added to the existing blockchain, in a way which is secure, permanent, and unalterable.
Step 6: The transaction is complete.
Why August 927 relies on Blockchain Technology?
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
Blockchain’s advantages according to August 927:
Each subsequent piece of data, a so-called block, contains a hash of the
previous block, providing the following advantages:
- It’s impossible to substitute an intermediate block in the finished chain;
- A block can’t be changed without changing its hash, therefore it is
impossible to make it without breaking the chain integrity.
- Having great prospects for a plenty of industries, Blockchain technology
provides a wide range of abilities for developer.
For a similar brief explanation on Cryptocurrency, check out August 927’s upcoming blog!