Blockchain: Why Do People Consider It The Technology of The Future?

If earlier few people knew about the Blockchain technology, now this topic is very hot. So that if you want to be a forward-minded person with broad views, you have to know basic information about blockchain and what it can give to modern people.

To tell the truth, the concept of decentral data storing is not new. Still, it became super popular among users who need to save their data from any intrusions and, at the same time, keep information open.

One More Explanation of Blockchain

Do you know what “decentralized” means? Have you ever learned anything about blockchain? In case if you have no idea about its notion, or feel confused about it, read the following definition of Blockchain. The blockchain is the safe system of digital ledgers that is difficult to hack, although it is open for public use. Such ledgers record all transactions in a peer-2-peer net and organize this data in information blocks.

All approved blocks are connected with each other in a chain (from an initial block to the latest one). That is why this technology is called blockchain, as the chain of blocks creates a safe and operative network allowing people to conduct transaction fast and without middlemen on an anonymous basis.

Instead of addressing middlemen such as some financial institutions (banks, for example), blockchain nodes use certain consensus protocol for approving ledgers’ information in order to guarantee transactional integrity and parameter transmission.

In point of fact, this system records the order of transactions in the chronological sequence. The validity of an operation is submitted by a chosen consensus model. As a result, transactions become permanent and are approved by all net members decentrally.

Two Main Benefits of Blockchain

When we speak about the blockchain and take into account financial operations and data storage, two main benefits of decentralization arise in our minds. They are as follows:

• Middlemen absence
• Total security

If the first advantage is great from the point of view of savings and relative simplicity of a deal, the second point is great for both data storing and transaction information protecting. OLPORTAL needs all these benefits as we are going to imply a range of features that will be useful for finance management (OLWallet — cryptocurrency wallet) and data safety (OLAccount, OLChat, etc.). For this very reason, our team of developers has created blockchain OLChain belonging to OLPORTAL application. We will talk about it next time! As for now, like this article and don’t forget to subscribe to our social media!