Blockchain technology future of Marketing, How Blockchain works ?
Hi friends, so as we can all see the effects of the pandemic all over the world. Every one is locked up in their homes and tries to avoid contacting each other. This may be a negative point but on the positive side it is a great opportunity to get some extra knowledge about the future and making money with less efforts. Now a crucial part of the future will be cryptocurrency. Like it or not this will decide future economy in a broad way. So let’s get to know an important part of the world of cryptocurrency, ” Blockchain technology”.
What is Blockchain technology ?
As the name already suggest to define it simply “Block” refers to digital information and ” chain ” refers to its storage in a public database. It is one of the most successful company in maintaining cryptocurrency ledgers. Mainly block chain work is to keep the digital ledgers of the cryptocurrency
transactions without involvement of any regulatory authorities. It works with every cryptocurrency mainly Bitcoin.
How Blockchain works ?
It occurs in steps which mainly has 4 parts :-
> Transaction must take place – its the first step when a transaction takes place in digital format which later have to be stored in the block chain.
> Transaction must be verified – as we generally get our purchases verified in purchasing, for e.g. Payment confirmation, final confirmation of the product you’re purchasing with other public records of information like security exchange commission, Wikipedia or local library or someone in charge of vetting new data entries, blockchain facilitates this via verifying all by itself.
> Transaction is Stored in blocks – their are a thousand entries of transaction stored in one block. Also it’s not like only one user’s transaction is stored in one block, thus making it hard to find out a particular transaction in the pool of digital data, hence making it more secure.
> Blocks must be hashed – when a block is completely filled by the verified transaction stored in it. The block is hashed i.e. given a unique identifying digital information. Block is also provided with the hash of recently added block to the chain.
Why Blockchain technology ?
Blockchain provides a great security in digital transaction as the transaction is not stored in by the easily traceable information like name, date of transaction but these information is converted to the digital algorithm before storing it on blocks. Even if one person makes multiple purchases still the conversion algorithm does not provide any similar pattern to avoid breaches. Hence it makes the transaction more complex and secured.
History of Blockchain
Blockchain is a new technology still it boasts a rich and interesting history. Here is major timeline of some of the most important and notable events in the development of blockchain technology.
- Satoshi Nakamoto publishes “Bitcoin: A Peer to Peer Electronic Cash System.”
- The first successful Bitcoin (BTC) transaction occurs between computer scientist Hal Finney and the mysterious Satoshi Nakamoto.
- Programmer Laszlo Hanycez completes the first ever purchase using Bitcoin — two Papa John’s pizzas. Hanycez transferred 10,000 BTC’s of worth about $60 at the time.
- 1 BTC = $1USD, giving the cryptocurrency parity with the US dollar.
- Electronic Frontier Foundation, Wikileaks and other organizations started to accept Bitcoin as donations.
- Bitcoin Magazine launched by early Bitcoin developer Vitalik Buterin.
- BTC market cap surpassed $1 billion.
- Bitcoin reached $100/BTC for first time.
- Gaming company Zynga, The D Las Vegas Hotel and Overstock.com started accepting Bitcoin as payment.
- PayPal announces Bitcoin integration.
- Number of merchants who accept BTC exceeds 100,000.
- Tech giant company IBM announces a blockchain strategy for cloud-based business solutions.
- Government of Japan recognizes the validity of blockchain and cryptocurrencies.
- Bitcoin reached $1,000 BTC for first time.
- Cryptocurrency market cap reached $150 billion.
- Bitcoin reaches its all-time high at $19,783.21/BTC.
- Dubai announces that government will be blockchain-powered by 2020.
- Facebook commits to starting a blockchain group and also hints at the possibility of creating its own cryptocurrency.
- IBM develops a blockchain-based banking platform with large banks like Citi and Barclays signing on.
- Switzerland begin to accepting tax payments in bitcoin.
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This is some of the basic knowledge about the block chain. And you know what’s interesting? It is expected that by 2030 block chain will create approximately 3.1 trillion dollars of business value. Their ends an important topic, what you want to know more mention me in comments.