What is the blockchain technology?
The blockchain is a peer-to-peer distributed ledger technology that can be used for creating an unalterable and trusted record of transactions, which was initially introduced in connection with Bitcoin. Since then the blockchain has gained prominence in a number of traditional sectors such as finance, logistics & supply chain, voting and the like.
Cryptocurrency has made some of the major headlines in the year 2018, often making hefty turns up and down the price band, and making investors speculative of its future. The area of investment in bitcoins steadily picked up pace, ever since word spread about the alluring returns that Bitcoin has reaped for its investors. The world of Cryptocurrencies might be large in length and breadth but the same has not stopped curious souls from learning more about the digital currency.
681 0 Have you ever wondered where did the clothes that you wear, or the food that you eat come from? Before these products even hit the stores, there is a whole other chain of different interlinked elements that work on delivering these products to you. This connected sequence of processes involved in the production […]
A blockchain, is a growing list of records, called blocks, which are interlinked using cryptography. Each block contains information regarding a specific transaction. A blockchain is designed to be resistant to the modification of data. As each transaction takes place, it is stored in a block and added to the chain. In simpler words, blockchain is a digital ledger, where all the transactions are recorded and shared publicly.
Information recorded on a blockchain exists as a shared and continually updated database. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and anybody can access the same. Information is decentralized and hosted by millions of computers simultaneously, thereby making hacking a most improbable event. While blockchain is often mentioned in association with cryptocurrency platforms like Bitcoin, the underlying technology has great potential in making the finance sector more efficient and transparent. As a radical technology for recordkeeping, blockchain technology is believed to change the future of finance in all aspects like accounting, asset registers, payments, trading, collateral management, and more.
If you are even remotely active on crypto-Twitter, you must be aware of the Bitcoin Cash fork drama and the consequent hash wars that are unfolding. For those late to the party, here’s a quick rundown of the situation:
Bitcoin ABC vs Bitcoin SV
The Bitcoin Cash network divided into two factions over protocol changes that have now been implemented splitting the chain into two: BCH ABC and BCH SV. Before it came to be at 16:40 UTC on Nov 15th, the two opposing camps composed of prominent names in crypto have been going at each other’s throats on Twitter for the past few weeks. Essentially, Craig Wright, who is on the side of the SV implementation threatened a 51% attack against the ABC network, should the protocol changes be implemented. With each side garnering support from miners and businesses along with ensuring they have enough hash power to sustain their network post the split, the hash wars, as this situation has been dubbed, are officially on. A more detailed version of events along with numerous updates on the fork itself can be read in Bitcoin magazine’s article here. Read more about The trader’s guide to hash wars …