Blockchain technology

Blockchain is a continuous chain of blocks containing information built according to certain rules. Most often, copies of block chains are stored on many different computers independently of each other. Each block contains a time mark and a link to the previous block. Blockchain technology was first implemented in Bitcoin in 2009 by Satoshi Nakamoto.

Users have right to change only those parts of blocks for which they have private keys. You cannot write to a file without these keys. And thanks to encryption, copies of the distributed block chain are synchronized for all users.

It is almost impossible to hack the block chain, as the blocks form a single transaction chain. And in order to hack any particular block, you need to hack all the previous ones. Also, you cannot delete or replace records. The lack of centralized management leads to removal of intermediaries and eliminates lack of trust.

 

Blockchain opportunities:

Blockchain technology allows not only to control means but different types of assets as well: selling of goods and services, credit activities, real estate, funds, copyright and intellectual property.

Decentralized management allows to resolve the litigation, count votes, produce their verification and data staging in digital environment.

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