The blockchain is the newest digitized trend written all over the wall. If you haven’t seen or heard of it yet, you’re seriously missing a THING, folks. So, let’s cut down this mystery for you.
Paper currencies, as we know, are a long gone fad. And, soon dollars will also be. We’re sitting in awe of a new currency revolution – Bitcoin. It is world’s first recognized cryptocurrency, entering the mainstream gradually and allowing transactions for as basic as grocery shopping. We know, online transactions still sound very horrid to a few. No matter how strongly the online gateways claim to be, it just takes a wise hack to launder crores of money. On the contrary, Bitcoins are absolutely safe to trade and transact in. Because it’s free from third-party controllers (banks, central govt, etc) and hence, not prone to hackers and thefts. It also ensures anonymity, which is a pretty good reason if you want to keep undesirable behavior and malafide elements at bay.
The world is jumping to the bitcoins. And, like all other forms of transactions, you need to maintain a ledger to write down your bitcoin-based dealings.
BlockChain – The New Wheel of Online Transactions
And, that ledger is BlockChain, albeit a digital one. To speak more of it, BlockChain is to Bitcoin what your Bank Passbook is to your Bank Money. You can actually record your transactions and keep an evidence of what’s happening with your bitcoins. The best part? It tracks only pseudonymous (false names) addresses, and not the real names of the users or any other identifying details.
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This is like, maintaining our own personal register (block) without depending on a third-party.
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Rewards are good. In fact, great. And, you can be eligible for one if you become the first one to calculate the ‘sealing number’. It is basically the amount of effort made to calculate the inputs.
BlockChains are a great way to explore the full potential of customer loyalty programs. If a user is striving to keep transactions real and relevant, he can be given rewards for its efforts. Thereby, motivating him to do better and encouraging participation.
Say Hello to The Jargons
BlockChain Users – Miners/Nodes
A Single Page of Transaction – Block
A Collection of It – Blocks
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<a href=’https://techiespad.com/beginners-guide-to-blockchain-infographic/’><img src=’https://techiespad.com/wp-content/uploads/2017/09/blockchain-01-1.jpg’ alt=’An Ultimate Beginner’s Guide to BlockChain [Infographic]’ width=’1000′ height=’5000′ border=’0′ /></a>
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