Categories: Crypto Capsule

What Is Blockchain or ‘Unknown Hero’?

We will talk in this capsule about the topnotch blockchain technology which all authorities around the globe seek to adopt. It will come the day when those who do not utilize this technology will be like those who do not use the Internet.

The blockchain is a growing list of records, dubbed as ‘blocks’. It is a group of data blocks linked with cryptography.

In addition, this technology can be called the ‘unknown hero’ as it resulted in the success of digitalization. Without this technology, the idea of ​​digital currencies would not have existed, and the digitalization would not have gained this importance.

Usages of Blockchain

The blockchain can be used in all fields, and can be allocated for a group of individuals within a geographic location or a certain country. It can also be generalized for all individuals or some of them, according to the goal for which the technology was used.

Currently, countries are using the blockchain in almost all fields such as tax collection and obtaining of personal information from citizens.

Safety degree

Blockchain technology acquires safety in two ways:

Firstly, the confidentiality on which the blockchain is based, as it does not require entering your real personal data at the time of registration. However, you should keep in mind the data you entered.

Secondly, the difficulty of penetrating this network of blocks, as penetrating and controlling them requires obtaining more than 50% of the stored data blocks. Each process takes a separate code, and therefore we may find billions or trillions of codes, especially in retail sale. Accordingly, more than 50% of these codes must be obtained in order to control all of the blocks.

Stages of registration

The process of registering data in a blockchain takes four stages: Performing, validating, storing, and inserting a transaction into a blockchain.

After inserting the transaction into the blockchain, this data becomes available to everyone. When you enter data not available on the network, everyone will know that you are fraudulent.

To read the previous capsule, please click the following link: What is Cryptocurrency Mining?

Rabea Maguid

Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.

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