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Now a day’s there is a lot of buzz about the word Bitcoin, few of us understands the complexity & structure of the new age trading tool. The technology is shaping the world around us, earlier the messages were encrypted using file structure to safe guard the data exchange over the internet now it’s the cryptography .In cryptography the message is encrypted & decrypted developed using mathematical algorithms and complex computer programming languages.
The common link between Blockchain & Bitcoin is cryptography, which ensures the confidentiality, authentication, Integrity of the message. Lets understand these two words like the process & the product .Block chain is an on line blocks of records continuously growing which is being protected & linked using cryptography. Blocks should be understood like valid transactions batches , encoded into a Merkle tree after being hashed. The word block and chain were used separately initially in 2008 by Satoshi Nakamoto .Further it is used as economic public ledger for all the transactions on the network. Later on the world popularize as single word ”Blockchain” in 2016.It is a medium to send & receive the bitcoin or any other cryptocurrency and not just money even other intellectual property as well , the information would be available publicly however the source or origin of information can not be traced down as its being shared by millions of users online , the secured way to pass on the information as the file or data can not be corrupted or altered .This has been gaining popularity as a transparent peer to peer medium to transfer information & data.
Blockchain usability not just limited in cryptocurrency transfer, in fact this technology can be port in virtually any filed or task such as following:
- Buying & selling intellectual property
- Safe & Secure Medical Information distribution
- Faster & reasonable settlement in stock exchanges
- Transparency in real estate as transactional & historical value can be built on blockchain.
Big companies like IBM , Microsoft & Intel are using Blockchain as a software tool to get their business done in a save & secure way. The decentralized and synchronization is the biggest advantage.
Bitcoin is a digital currency that uses the blockchain platform to regulate & generates units of currency .It is a first decentralized digital currency introduced in 2009 as an electronic payment based on complex mathematical logics and programming. The concept behind the introduction of this mode of online monetary exchange is to independent from any central authority, that could be exchange in a coded and secured and unassailable way. It is used primarily to keep the identity of the original resource kept hidden .The coins are produced after the process known as Mining. It is a complex mathematical logic which can be originated from any system, special software is required. It is an open source & peer to peer technology, nobody owns or controls bitcoin.
Every transaction is a verified block whenever its enter the system. There are specific keys like public and private keys, works as address on the blockchain. The digicurrency sent across the network reordered as per that address.
This technology is sure to bring revolution in the world of internet , further it will make every aspect of business, Marketing and services save & secure.