What is Blockchain? [Infographic for Beginners]

Background

Paper currencies, as we know, are a long gone fad. And, soon dollars will also be. We’re sitting in awe of a new currency revolution – Bitcoin. It is world’s first recognized cryptocurrency, entering the mainstream gradually and allowing transactions for as basic as grocery shopping. We know, online transactions still sound very horrid to a few. No matter how strongly the online gateways claim to be, it just takes a wise hack to launder crores of money. On the contrary, Bitcoins are absolutely safe to trade and transact in. Because it’s free from third-party controllers (banks, central govt, etc) and hence, not prone to hackers and thefts. It also ensures anonymity, which is a pretty good reason if you want to keep undesirable behavior and malafide elements at bay.

The world is jumping to the bitcoins. And, like all other forms of transactions, you need to maintain a ledger to write down your bitcoin-based dealings.

BlockChain – The New Wheel of Online Transactions

And, that ledger is BlockChain, albeit a digital one. To speak more of it, BlockChain is to Bitcoin what your Bank Passbook is to your Bank Money. You can actually record your transactions and keep an evidence of what’s happening with your bitcoins. The best part? It tracks only pseudonymous (false names) addresses, and not the real names of the users or any other identifying details.

BlockChain Benefits

  • Total Anonymity – Your money goes everywhere but doesn’t take your name with it. With BlockChain, you’ll not leave your muddy footprints wherever you go.
  • Transparency of Transactions – All Bitcoin and other cryptocurrency transactions are publicly listed. And, cannot be tampered with.
  • Fast and Instant – Transactions happen in quick. And, you receive confirmations for receipts and payments instantly. It ensures the free flow of money across and beyond a country.
  • Absolutely Secure – You can seal the pages of your blocks. This will ensure that no attempts of forging records can be made once the copies have been shared.
  • No Third-Party Commissions – As we mentioned earlier, BlockChain is a decentralized way to ledger creation, you can buy and sell things without paying any commission to third-parties.
  • Reduced Paperwork – You’re rid of the tedious paperwork that follows a transaction. Everything’s kept in order in the digital ledger.

Reward System

Rewards are good. In fact, great. And, you can be eligible for one if you become the first one to calculate the ‘sealing number’. It is basically the amount of effort made to calculate the inputs.

BlockChains are a great way to explore the full potential of customer loyalty programs. If a user is striving to keep transactions real and relevant, he can be given rewards for its efforts. Thereby, motivating him to do better and encouraging participation.

Credits to  Techiespad.com

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