Many computers in the bitcoin network share a digital ledger called the blockchain which records all transactions going in and out. This means that no single user may alter any transaction without the knowledge of the rest of the network, which means that the blockchain is immune to tampering. A new block can’t be inserted until all of the previous blocks have been removed.

Bitcoin’s “tokens” aren’t actual objects like bills or coins, but rather strings of code referred to as “transactions.” The cost of these transactions is determined only by the value attached to them. It’s feasible to buy anything with bitcoins that would take you weeks to order otherwise due of delays caused by bad weather or long lines at the cash registers of businesses. In hindsight, that is what blockchain is. If you’re still confused on what Blockchain technology is then don’t worry because I admit it can be hard to understand what it is.

Advent of Blockchain Technology will be Transformed – Blockchain is a relatively young technology can have a profound impact on banking. Banks, currency exchanges, and other financial organisations that conduct business online will utilise this technology, because so much of the history of money has been lost or suppressed, this will be a game-changer.

Since the popularity of Blockchain/Bitcoin is becoming incredibly popular, other industries and sectors have started to implement bitcoin payment methods into their e-commerce store, since many individuals prefer to buy goods and services using digital currency, these businesses have adapted and have accepted this payment method. It’s not just e-commerce store that are accepting bitcoin payments, even online gaming websites like Openchange.org accept bitcoin as a form of deposit option, therefore casual and competitive gamblers can wager and play a wide range of games using their digital currencies.

There have been many theories on the appearance and production of paper money, but none have been proven. The world has knowledge on how banknotes work and the only reason we know how they function is because every transaction is recorded in a database that anybody can access.

Since the whole creation process of money can be viewed by everyone at every stage, blockchain has the potential to revolutionise society. At the very least, you’ll have confirmation that when money is traded, it’s genuine money. Anyone with Internet connection may see every bitcoin transaction that has ever taken place.

Source: Plato Data Intelligence