Understanding Blockchain Network

To understand a blockchain network system, first we need to look at the existing network system. Our systems are centralized in nature, all information flows in and out of one point, which gives the person accessing it full authority over the network database and all of its users. The collapse of this main point of contact will result in the loss of all the information stored away over the of time.

On the other hand, nodes make up a blockchain network, no one single information is stored in a single place, but are dispersed among different devices, within the network they are called peers. Since the responsibilities of maintaining the network are given to the peers it is known as Peer to Peer network or P2P, Peers also provide the network with power to store data. The network is an ecosystem of computers that improve security. This gives it the potential to bring about a new system of supply chain management, governance and more, making the world fair.

The blockchain network technology not only an efficient way of transacting, it proposes a completely new way of utilising the internet. It gives back to the user the ethical idea of privacy rather than allowing access to information about the user to big companies. The essential values of blockchain are, security, privacy and trust. Some are either singularly ingrained in the technology of it where as others are a combination of multiple aspects (distribution and decentralisation/ transparency and veracity) of the system. Measurement of some benefits such as financial savings can be easily viewed and the others such as privacy can’t easily be quantified.

It is based off of this network that XcelPay wallet is built. Download the app on your IOS or Android App Store.