The Blockchain is an incredibly complex technology that operates around the cyber connected world 24/7, it never stops and never fails. The cryptocurrency transactions happen instantaneously, billions up billions of pounds worth of trades are going back and forth around the world. Any they have done for over a decade and will continue unabated.
I wanted to write an article to simplify what the Blockchain is all about and make you aware of what it does and how it does it – here goes.
Who Owns The Blockchain?
Nobody and everybody – there is no central control, there is nobody to administer it, nobody overseeing it. It runs completely independently without interference of any kind.
Impossible
Yes it does sound totally implausible and couldn’t possibly work, there can be no such thing, it’s a con, people can’t trust their money when no one is in charge – impossible. But is it? it certainly sounds far fetched.
The Naysayers
The global banking institutions hate it, they have done their best to stop it. All them financial transactions and they can’t get their greedy little hands on them. They didn’t everything possible to close it down – but they failed.
What Is It Capable Of?
The Blockchain is a chain that uses online connections around the world on many millions of everyday devices to keep it running. It literally connects globally from one connection to the other, so effectively people and their connected devices run the Blockchain.
It travels around the world constantly without being breached, without pausing and carries an incalculable amount of data every second of everyday.
Right, so you have this chain that cannot be hacked or controlled, carrying billions of pounds worth of transactions that nobody can see except the cryptocurrency owner – yes. It is being trusted with that much money, with perhaps millions of pounds worth sitting in somebody’s cryptocurrency account – yes.
Also see: A Cyber Free Bubble – A Living Hell
The Clever Part
Every chain has links and when you carry out a cryptocurrency transaction on the Blockchain a new chain is added. Let’s say you opened a cryptocurrency account and did your very first transaction and purchased something. You have converted your sterling into cryptocurrency and you have traded in cryptocurrency with your money.
This transaction is totally untraceable by anybody except for you and the recipient, no government, no bank or hacker can see your transaction. As far they are concerned they have no idea of what you are doing, who you paid, how much you paid or what you bought. This is why genuine people use it for their own privacy and criminals love it.
Now your chain has joined the infinite number of chains on the Blockchain, so why can’t one chain see another, what makes my chain unique?
It is all done by algorithms, massive mathematical calculations that give yours and everybody else’s chain a unique code. Although the transactions are linked together they are completely separate from one another. It is mathematically impossible for one chain to see another no matter where in the world it is.
The hugely complicated number combinations between the different chains in the link make breaking the chain impossible. As the chain grows more complexity is added and as you can imagine it just becomes an entity all of its own.
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Huh!
I know, I am not a mathematician either and still sit here in awe of what has been achieved and what it is capable of. But it does it, make no bones about it the Blockchain is a technical unbreakable marvel.
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The Long Version
It is technically phenomenal, hugely complex and deeply embedded in mathematical formulae, I’m sending you to sleep already! Let’s face it the vast majority of people either will struggle to grasp the concept of how the Blockchain works from a technical perspective or simply don’t care. The long version is not what this article is about, but it’s hardly short.
Summary
I said simplified not short, I wanted to explain each stage in an understandable way and tell you what it is all about. After all just spending cryptocurrency in account and having absolutely no idea and what is happening and how safe your money is not a good idea. Now maybe you are a little bit wiser and can feel more comfortable about the Blockchain and its purpose.
There are billions of pound worth of cryptocurrency transaction constantly happening as they have done for over a decade. Even the banks invest in cryptocurrency these days, despite the unfathomable capabilities of the Blockchain it continues to grow and prosper around the globe.
