For starters, Blockchain is an increasing list of accounts called blocks that are intertwined by utilizing cryptography and it was invented as a digital currency. It contains timestamps, transaction data, and info of the prior block.
People consider learning about Blockchain to be tough without an appropriate technical background but multiple platforms are available that aid users and make things easier for them. https://bitcoin-profitapp.com/ is one such platform where it uses human influence and takes note of the wider world. It analyzes the value and patterns of trading as well as scanning social media. It offers value to all and returns it, putting it to use which in turn, tells us where the market would go.
The aim of Blockchain is to be independent and not to rely on banks whilst simultaneously having full security when making transactions. Transparency is one of the most basic concepts of blockchain technology, after all.
Enormous progress has been seen in the Blockchain technology field that has attracted various companies and startups. The demand has increased, not only for coders but copywriters, sales executives, and marketers as well. They are more than involved in the blockchain industry. Moreover, they are recommended to learn about it as well. Read ahead to learn about Blockchain in simpler terms.
Transferring money via bank: Suppose you want to give money to a friend. The first thing you would do is to transfer the amount needed via the bank. Primarily, the bank will confirm if the chosen sum in your account is available or not. When that’s done, the bank will debit the required amount and send it to the person you wanted to transfer it to. This total procedure, however, takes longer and charges a transaction fee. The bank over here is the central body for the whole thing, from the sum verification to processing the transaction and to transfer the money.
Now, let’s have a look at the above scenario with Blockchain technology. The elementary construction of transactions changes with this.
How to transfer some amount of money via blockchain technology?
To get a better understanding, imagine there are no banks and so there is no authority or central body. Consequently, the transactions between you and your friend can happen directly. As usual, for a safe and secure transaction that has no hassles or future false transaction arguments, some defensive measures need to be taken.
For this to happen, you and your friend(s) need to note down every transaction that takes place, for example, the instant your friend hands over money to you, write it down in an easy format such as creditor, sum and borrower. If everyone present can note down the details individually then that would be better, like keeping a piece of paper in the centre with all the transactions and due to this.
Chances of data misplacement are null, and you can even verify the details amongst each other later. What if we assume that you are giving 100 bucks to a friend in doing so, you are initiating a transaction and this transaction gets recorded by everyone present, individually, including you. Now you are short of the amount you lent. If someone tries to transfer money that is more than what the person has, then it will not get confirmed or be denied by others present and, henceforth, will not be written down.
If one of the written notes are ruined then it is not much of a big deal as others have copies of it and since no one is able to cheat due to these clear transactions, this method is trusted and a trusted entity such as a bank is not needed.
To summarize the whole thing, the bank controls all the dealings in a unified organization and have a hold on all of our transactions in an incompetent way. The systems that are decentralized or not unified are able to eradicate banks. Hence, the open ledger or the blockchain technology system is trusted amongst peers; everyone can evaluate all of the transactions, and all of them are verified. The above is just a universal situation and people can learn more about the many technical parts of blockchain from numerous online educational websites.