5 Interesting Facts About Blockchain Technology

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17 Apr 2022
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Bitcoin and other cryptocurrencies are very safe because of blockchain technology. 

An open-source and distributed database is kept on nodes or computers in the network. 

The blockchain will automatically update itself as new transactions or blocks are added. 

Here are five fascinating tidbits regarding this cutting-edge innovation.

1 – It's Tamper-Proof 

It's virtually hard to change or delete an entry from the blockchain once it's been made. 

Altering an entry would need to change all the transactions that followed it. 

Even clever criminals would have to search elsewhere to steal bitcoins without putting in a lot of work since this is mathematically infeasible.

The fact that bitcoin transactions are final and non-revocable is mainly due to their tamper-proof nature.

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2 – It's 100% Transparent

Anybody with access to the blockchain may see every transaction that has ever taken place on the blockchain. 

Even Satoshi Nakamoto, the man who created Bitcoin, was able to find the initial block (block 0) in 2009. 

In this genesis block, the Times reported that the Chancellor was "on the verge of a second rescue for banks."

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3 – Criminals Can't Hide Behind The Blockchain

It is a grave error for criminals to believe that the relative anonymity provided by Bitcoin would allow them to get away with their crimes.

Computer specialists can easily track and monitor all of these criminals' bitcoin transactions because of the transparency of the blockchain, which makes it impossible for them to hide their illegal activities.

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4 – Blockchain Technology Is Not Limited To Cryptocurrencies

Blockchain technology has recently been the subject of several experiments by start-ups across many businesses. 

Ethereum is an excellent example of a blockchain-based platform that uses smart contracts. 

Decentralization of the blockchain means that two parties may conduct transactions without the requirement for a third party. 

Additionally, you'll save time and aggravation, and money this way.

Also, See: Learn & Earn, Solar: A sustainable decentralized payments blockchain


5 – Blockchain has room for improvement

This technology has enhanced many people's lives, yet there is still room for improvement. 

The blockchain is expected to expand to hundreds of terabytes of data over time. 

A lot of bandwidth and storage issues will be caused on home PCs due to this. 

Let's hope that the best brains in the crypto community can discover a solution to this problem shortly.

Also, See: Bluehost Web Hosting Review: All you need to Know (Updated 2022)


To Sum it Up

Bitcoin and other cryptocurrencies are very safe because of this technology. 

The blockchain will automatically update itself as new transactions or blocks are added to the network. 

The blockchain will automatically update itself as new transactions or blocks are added.

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10 Comments

B
Great article. It is not fair to assume eth=blockchain.. It is much more than that!
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