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BLOCKCKCHAIN Description and Spheres of application:

 

The concept of “blockchain” has been actively discussed with the growing popularity of cryptocurrency. This technology can be a real breakthrough in the field of finance and secure databases. The blockchain in simple words is a chain of blocks, each of which has a time stamp, a link to the previous block and is stored on different computers.

 

When examining the question of what a blockchain is (from the English Block Chain), first, they focus on such features that there is no single server in the system, chains of the blockchain distributed between users. The use of modern encryption algorithms allows you to protect individual records belonging to a particular person from copying / editing by other users of the system.

Blockchain is often associated with Bitcoin, but the technology can be applied in a large number of areas.

The concept of technology proposed by Satoshi Nakamoto (Satoshi Nakamoto) in 2008, and put into practice when Bitcoin appeared in 2009. Due to its origin, it referred to as cryptocurrency transactions, but the scope of the technology is much wider.

 

 

A primary block created; there is no record of the previous block in it.

Each subsequent block contains information about the "parent", the type of transaction, its own header, used when generating the next block.

System users see the entire number of blocks, but have access only to their own.

Prospects for the development of blockchain technologies are associated with the active development of cloud services, including online banking, online directories, and identification systems for entering corporate websites.

 

Despite the distribution of blocks on the Internet, in fact, in a “public place”, encryption of access to each of them allows you to keep the data stored in them secure. The block chain itself can be freely transmitted to any Internet user without the risk of losing content. Cryptocurrencies that have material value in national currency (rubles, dollars, at the current exchange rate) based on this.

 

 

Understanding what a blockchain will become will be easier if you delve into the subtleties of working with this system:

 

Any changes without confirmation by the cryptographic keys rejected. With this feature, it is easy to organize identity authentication without visiting the office.

The transfer of the private key provides full access to the unit (money and other assets). Thanks to this, it is easy to register transactions conducted through online resources.

The transfer of access to the blocks occurs automatically according to the principle of digital signature - entered the code, confirmed the transfer of the right, and the process is completed. In addition to the financial sphere, such a system may be required for the sale of intellectual products such as books and programs.

 

Spheres of application

Considering how the blockchain works, cryptocurrencies (both popular Bitcoin and its analogs) work according to the proposed scheme. However, this scope is not limited. Distributed data storage is of great interest for banking institutions, government organizations that provide general access to databases such as medical cards, pension accruals.

 

The technology of blockchain used in Bitcoins

In Bitcoins, the following rules apply, which are typical for the blockchain in general:

Each hash is unique; when calculating the next transaction, another one created that is not related in any way to the previous one (it is impossible to select the second one by one).

It is impossible to recover the initial number from the hash, it eliminates burglary by brute force (Brutus force is useless here).

The frequency of a new hash laid at the formula level; only the creator of a particular system can change it.

The base of blocks is public and at the same time fully protected from hacking.

Calculations carried out by users on a home computer or through special equipment.

A minor drawback of the existing Bitcoin system is the visibility of all operations. Each owner of this cryptocurrency wallet sees how much money is transferred and where. Nevertheless, to find out who the owner of a wallet is impossible is that complete anonymity is preserved.

 

Attitude to blockchain

In various countries, this technology often discussed at the state level. Somewhere we are talking exclusively about Bitcoins and analogues, other states are trying to introduce it in banking structures, including international transfers. Legally, this issue is not resolved everywhere. Therefore, there is an opinion that “surrogate money” used for illegal trade, transfers of “black” income.

In addition to the translation system, the creation of international databases is considered. Such public resources will help to promptly notify colleagues and business partners about fraudsters, create "black / white lists" of counterparties. The Russian market is not yet ready for the emergence of such innovations. While development is underway in the field of creating your own, completely legal cryptocurrency.

 

Development prospects

Does not allow ignoring the blockchain system a tempting list of benefits. Too bright prospects appear in the introduction of technology at the global level. The desire to develop the economy inevitably leads to the consideration of new directions.

 

Blockchain allows you to solve several problems at once:

  • Significant reduction in time for financial procedures.
  • Reduction of material costs due to the lack of need for powerful servers, expensive data storage complexes.
  • Depriving a monopoly of large companies trying to manipulate the market at the expense of large capital.

Optimists predict exemption from corruption, the exclusion of monetary fraud and other financial crimes. In their opinion, the transparency of the system will force all its users to comply with the law, because any operation is open. For the state, such prospects become critical due to the lack of a legally regulated scheme for the transition to blockchain technology.

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