What is Blockchain?

Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

Where TCP/IP (Transmission Control Protocol/Internet Protocol)  is dependent on centralization or data bases, all the data in the cloud is stored in a central location. Example: Your computers centralization is the hard drive. Your hard drive has your complete history and susceptible to being hacked or infected.  Blockchain is a network that is dependent on decentralization. Some blockchains are more decentralized than others and a few are very centralized. Each “coin” has it’s own blockchain.

Decentralization means there are many PC’s all over the world that are called nodes. Each node holds a copy of the blockchain (the coin’s) history. This insures that transactions going into the next block in the chain are valid. If a hacker was to steal your information from the blockchain, he would have to break into every node of the blockchain. The number of nodes in a blockchain is unfathomable.

If you went back in time to 1990 what would you invest in.  The World Wide Web was in it’s infancy and it not only revolutionized the world but it made a lot of money for a lot of people.

We  are effectively at that point when some computer scientists were trying to explain what TCP/IP and packets were.  Some companies listened and acted, others laughed it off and well, if they are still in business, they aren’t laughing anymore.  Today many “experts” are laughing at the Bitcoin mania and “Block Chain”. Let them laugh and bloviate, they are wrong, dead wrong.

Obstacles of blockchain

There are entities that are threatened by “blockchain” that will do everything they can to disparage it, Central Banks and Governments are at the top of the list.  Why?There are no borders, no rules, no regulation. Total freedom to  transact with another person on the network.  If there’s to be a blockchain revolution, many barriers—technological, governance, organizational, and even societal—will have to fall. 

Are you thinking about getting in?

Research, double checking and more research is required. Once you realize, like I did , that the people that invented and propagated blockchain are doing it with admirable and lofty ambitions. They are serious about making the world a better place.  Not a ponzi scheme with the intent to defraud and steal.  Yes there are people that are trying to control out of greed but  there are also visionaries that are committed to the success of Block Chain.

 

Each Coin, (over 3000 of them) is a Blockchain Network with their own Nodes. The valuation of the coins allows them to work on the solutions that improve block chain technology.  The investment into those coins are funding the work and building the future. There will be winners and there will be losers.  The network of coin investors is pretty good at identifying who is authentic and has promise and who is trying to cash in.