Some Basic Blockchain Techniques

People see Blockchain as a complicated concept, but it will be become simple if you understand the structure and the theory of the digital business. Global economy changed when the basic Blockchain technique is operated.

1. How Blockchain works ?

2. Where can Blockchain be used ?

2.1. Smart contract

2.2. Economic sharing

2.3. Supply chain management

2.4. Protect ownership

2.5. Identity management

3. Blockchain and the Internet

4. How do Bitcoins being digged ?

1.How Blockchain works ?

Blockchain is like internet, an electronic system where you can set up applications on it. When conducting a transaction, an individual or organization usually adopts an intermediary such as a bank to ensure credibility. These units will perform important tasks such as authentication, archiving, Blockchain will conduct transactions without intermediaries.

Blockchain creates a journal ledger transaction between the parties, a record is generated when the data is added to the block, when the information is continuously updated will generate the block sequence. Access is allocated to members that help them capture the added information. Ownership is given to the user and they are responsible for maintaining it. The information is encrypted to ensure security. An enterprise can use basic blockchain technology with its customers, banks, suppliers or tax authorities.

2.Where can Blockchain be used?

2.1. Smart contract :

This is the contractual management of a transaction through a chain of transactions, not through intermediaries, based on mutual consent, mutual trust, and the establishment of terms and the planned implementation. Generated after implementation and completion of some services.

2.2. Economic sharing

Blockchain has come up with a new way of creating direct interactions between the parties, allowing for equal pay, leading to a division of ownership.
2.3. Supply chain management
Basic block technology with transparency, can not fake, can not destroy the chain blockchain will verify the quality and value of the product.
2.4. Protect ownership
Smart contracts can protect your copyrights, intellectual property rights by automating the sale of your work online, removing the risk of duplication, creating a peer-to-peer distribution system.
2.5. Identity management
Blockchain offers an advanced way of identifying and digitally identifying individuals with digital identification that makes every problem possible.
Moreover, basic Blockchain techniques are also used in file storage, stock trading, supply chain monitoring, market forecasting, governance, AML & KYC, stock trading, micro grid neighbor, internet of thing.

3.Blockchain and the Internet

Applying the basic blockchain technique will change the way we surf and be a start to the global economic revolution. Just what internet has achieved, Blockchain promises to change and bring positive to the fields, industries are operating through intermediaries such as finance, real estate, insurance … Blockchain technology will cost a huge amount of intermediaries, reducing the economic burden on individuals and organizations.

More than the internet, blockchain hopes to democratize and expand its global financial system, enabling people to access the system more transparently and help the government improve its anti-corruption efforts. .Blockchain has no infrastructure at the global level, but has attracted a large number of participants with positive feedback.

4.How do Bitcoins being digged?

Digging Bitcoin is a process of creating or molding electronic types, made by decentralized networks of independent individuals or large groups with the intention to create multiple currencies and to validate the delivery. cash flow flow.
Bitcoin is a process of solving complex algorithms with computers to determine a block; the difficulty of the algorithm is automatically corrected for about 10 minutes with a miner (or digger) around the world solving and get the corresponding Bitcoin.
Bitcoin diggers should be equipped with a dedicated electronic digicam or aPC with a strong VGA configuration and software. Technically, anyone can dig Bitcoin, but with individuals, the investment costs will be much more than the profits. So, the diggers have formed large groups that combine the computing power of the computer to perform.

KriptoA hopes you find this article helpful !