Initially, the blockchain was exclusively known as a system to process Bitcoins transactions. It works when users in the network make direct transactions to each other. The transactions are recorded along with other transactions at any given time on a block.
Other network users who serve as miners then run a complex algorithm to verify them. There’s no central authority institutions involved in the process. Everything is based on consensus; the protocol simply can’t do it any other way. More on this exciting subject next time.
Now, once the block containing a batch of transaction data is verified it goes into a chain of preceding blocks. The blockchain, therefore, includes a complete record of all transactions since the beginning of the network. Easy, right?
No! There are more technical proceedings involved in that process alone. We will save the details for next time. The point is that the thorough and expansive verification procedure makes the data storage practically impervious to hackers.
Once the data are verified and securely stored in the blockchain, they are there forever. Nonetheless, the transaction data are available in a ledger for all members of the network to see on a real-time basis.
Just a few years after being launched, the blockchain has grown into a much powerful application. It offers a great potential of decentralization and a much greater security for more areas in our life. Today, people are talking about using the blockchain technology to cast votes, draw secured, smart contracts, and store movies or other sensitive data.
Using the Nxt blockchain, the latest incarnation of the blockchain technology, DeBuNe is envisioning a business network like nothing that we have experienced before. It will do away with all the hassle and obstacles of conducting business in world bogged down by localized bureaucracy, culture, and infrastructure.
Not too long ago, getting on such eco-system is a mere pipedream. Now, considering the actual and potential benefits that a decentralized and secured network provides, one can’t even begin to imagine the benefit this will bring to businesses in the future.