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Blockchain is becoming a new household word. More and more people are learning about it. We live in an ever changing world, so here you will find some blockchain details and information. It is important for everyone learn about.  What follows. is a compilation of some useful information to help you get up to speed.  Take heart, there is no need to fear, an understanding will suffice. The deep details are for those that yearn for more.

The blockchain is an incorruptible digital ledger of economic transactions. It can be programmed to record virtually everything of value, not just financial transactions.

In an effort to make it more simplified for you.  Blockchain Details Broken Out in Simplicity:

• The blockchain is like a huge, global, decentralized spreadsheet. Decentralized means no one system is the “Central” authority.
• It tracks who sent how many coins/tokens/information sets to whom and keeps it safe.
• It tracks what the balance is of every account of Coins/Cryptocurrency.
• BC stored and maintained by thousands of people (miners) across the globe. They have “special” (high powered and uniquely configured) computers.
• Within the Blockchain are Blocks. They make up all the individual transactions sent and received through the blockchain.  For instance all individual transactions sent from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
• When you access your Cryptocurrency Balances on any Wallet like Ominex, or others. Or view your transactions on various and specific sources like etherscan.io, blockchain.info, etc., you are seeing data on the blockchain, not in any one personal system.

More blockchain details and Benefits to all of us:

Blockchain is a decentralized system that puts everyone at the highest degree of accountability. Thus, the results are:

• Simply No more missed or corrupted transactions.
• An agreeable end to human or machine errors.  Thus, no more corrupt or broken databases.
• No need for transactions or exchanges (often made in error) without the consent of the parties involved.
• The blockchain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers.  They are all connected through a secure validation protocol.

You could better understand Blockchain technology by considering it Internet 3.0.  (A Better, Safer Evolution of the Internet).

What an ingenious invention blockchain is – the brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto. Ever since then, it has evolved into something greater. Therefore, the main question every single person is asking is: What is Blockchain? And we are here to help explain.

Details to what blockchain is becomes more clear here.  Digital information on blockchain is allowed to be distributed but not copied. Therefore, creating an endless and constantly updated and accessible database.  Hence, blockchain technology created the backbone of a new type of internet.  This is the evolved internet that is better for everyone globally. Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happen with the Internet; (changing commerce and how things are being done and communicated); is not being re-done in a new revolutionary method with blockchain.

Bitcoin is referred to as “digital gold”. This is due to recent proof of Bitcoin and the creation of blockchain.  It appears to actually be a great name for it; since it has proven to be just that. So far, the total value of the currency is close to $350 billion US. But it doesn’t stop there, blockchains can make other types of digital value.

You Do Not Need To Fully Understand All of the Details To Make Use Of It:

You make use of your smartphone, computers, your car, and the internet(before blockchain). Yet, you do not need to know how they work to use them. It’s the same with blockchain. However, it helps to have a basic knowledge of how this new technology works. Thus, you can understand why it is considered revolutionary.

A distributed database – details:

Think of it this way; First, envision a spreadsheet shared thousands of times across a vast network of computers. Then realize that this network is deigned to regularly update the spreadsheet as new secured and validated updates are processed. If you can grasp this concept, you have a basic description and understanding of blockchain.  The following are some benefits to this process and function:

• The Information held on a blockchain exists as a shared, continually validated and reconciled, database. (A great security measurement)
• The information on a blockchain database is stored in many locations. Therefore, the records are truly public and easily verifiable.
• There is No centralized version of this information exists for a hacker to corrupt.
• The data Hosted on millions of computers simultaneously, therefore, is accessible to anyone on the internet.
• This means Ultimate Security and Transparency. 

Durability and robustness

This technology is similar to the internet in that it has a built-in robustness. By storing identical blocks of information across its network; the blockchain cannot be:

1. Controlled by any single entity.
2. Having a single point of failure.
3. Corrupted or embezzled.

Details from the history of its Invention/Creation:

Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (Any of the problems associated with Bitcoin have been due to hacking or mismanagement. Another way to put it, these problems come from bad intention and human error, not flaws in the underlying concepts.)

We have seen the internet itself prove to be durable for well over 40 years.  This track record bodes well for blockchain technology. Continually developed and deployed; it is for all uses and solutions for the Global Community. A plus for where we all live and work.

Being Transparent and incorruptible

The blockchain network lives in a state of constant consensus.  Therefore, it automatically checks in with itself every ten minutes.  So here is a kind of self-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. Below are two important properties blockchain creates:

1. Transparency;  data is embedded within the network as a whole, and is therefore, public.
2. It is incorruptible. To alter any unit of information on the blockchain would mean using a unbelievable amount of computing power to override the entire network. Something virtually impossible and becoming a larger and larger barrier constantly.*

*In theory, this could be possible. In practice, not likely to happen. So, taking control of the system to capture Bitcoins, in essence, would also have the effect of destroying their value.

A network of nodes

A network of computing “nodes” compose the blockchain.

Together they create a powerful second-level network, a wholly different vision for how the internet can function.

Nodes… their role in the first blockchain example: bitcoin.

Every node is an “administrator” of the blockchain, and joins the network voluntarily. In this sense, this makes a decentralized network. However, each one has an incentive for participating in the network. It wants the chance of winning Bitcoins by competing to solve and be verified as the solution. And proving proof of work, then creating the “minted” block of information. Thus, being rewarded a specific amount of bitcoins for the completed block in the blockchain.

Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized industry.  Now, as a result of blockchain it is happening again; thus evolving to the next level of technology based on decentralized solutions and “truth”.

There are an ever growing Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. Furthermore, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Since there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives in the immediate and every advancing future.

The idea of decentralization

The blockchain is a decentralized technology. Created thus.

Anything that happens within the blockchain is a function of the network as a whole. Some important implications now realized are as follows:

• Because of creating a new way to verify transactions; aspects of traditional commerce could become obsolete.
• Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing.  Truly Global.
• Vital record keeping, like a land registry, is now fully transparent, public.
• A global network of computers uses this technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.

Its network manages the blockchain, not any one central authority. To add definition; “Decentralization” means the network operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth”. Hence, there are investigations into the possibilities from all forms of mass collaboration that this makes possible.

Who will use the blockchain?

Remember; you do not need to know about the blockchain for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.

Currently, finance offers the strongest use cases for the technology. International remittances, for example. That is why the World Bank estimates that the money transfers sent in 2015 were over $430 billion US.

Jobs and Careers are abundant in this industry. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.

Subsequently, this potentially cuts out the middleman for all types of transactions.  Ergo, the reason new methods for generating and being part of creating new monetary gains are higher than ever.

Access to the financial sector and use of cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin, and to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet or ICO direction, need, or resource.

In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification and verification.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Enhanced security

The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. By storing data across its network; the blockchain eliminates all of the risks that come with data being held centrally.

Especially relevant to today’s needs; The blockchain lacks centralized points of vulnerability that computer hackers can exploit.

Today’s internet has security problems that have affected all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods make use encryption technology.  Therefore Internet Security, along with almost all aspects of the Internet, have grown with blockchain.

When you store your data on the blockchain, it is incorruptible. This is true, although protecting your digital assets will also require safeguarding of your private key.

Methods for safeguarding include:

• Printing it out, creating a paper wallet.

• 

  Cold Storage Solutions.  Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built in and secure recovery points. Click the image to order yours today.

Blockchain details: A second-level network

With blockchain technology, the internet (web) benefits with a new layer of functionality.

Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. With the added security brought by the blockchain new internet business are on track to completely disrupt the traditional institutions of finance. Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)

As published in 2017; Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions.  They claim it could represent global savings of up to $6 Billion per year. Seems like, even Goldman Sachs has underestimated this incredible new world of blockchain.

Feel like you are missing out?  Not to worry.  We can get you involved.

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We know this is lot to take in.  So we invite you to bookmark and come back for more information, or to review this information. The information provided will only increase your appreciation for this education on blockchain, and there is nothing but growth and adventure for us all to witness. Hopefully, you will be like the thousands of others informed by our Blog on blockchain details here.  Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services and fun to be in store us all.

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