Blockchain – the technology behind the cryptocurrency

Blockchain is the new buzzword when it comes to cryptocurrency. Under Blockchain is a decentralized database to understand, which is regularly expanded by new transaction records. The extension is done chronologically, linearly and new elements are always added at the end. When a blog is complete, a new one is created. For a better overview every new blog receives a check number for the previous blog.

The emergence of blockchain

The emergence of is closely related to the development of the cryptocurrency Bitcoin. Blockchain is a web-based and decentralized accounting system. This system is public and includes all Bitcoin transactions that have been made anywhere. This also explains why Blockchain is still growing even after several years of practice. Every single computer that works with Blockchain generates or manages new Bitcoin. Interestingly, each user receives a copy of the entire blockchain.

The relationship between Blockchain and Bitcoin

Bitcoin is not a real currency, but a currency that is only digitally traded. Bitcoin has existed since 2009 as a decentralized payment network. If you want to use this payment network for yourself, you have to pay a small transaction fee. However, this fee is significantly lower than other payment providers. For online merchants, Blockchain has a very high priority and acceptance continues to increase. One reason for this could be the fact that Blockchain operates independently of central state banks.

The big acceptance as advantages and disadvantages

Due to the steadily increasing number of acceptance points, it is becoming increasingly difficult to calculate new bitcoins. At the same time, the value of bitcoins increases. As with all other digital currencies, these are digital account balances linked by specific keys. The data stores are located in a large computer network, which has multiple backups. This ensures that the data can not be lost even in the event of a power failure.

The special about Blockchain

After some teething troubles in digital currencies, Blockchain is one of the biggest technological inventions in bitcoins. Without Blockchain, the system would already be totally overloaded and could not be further developed. Although Bitcoin and Blockchain are closely related in their development, they are still not interconnected. You should consider Blockchain as a network through which the bitcoins move. This is one of the reasons why Blockchain allows us to design and develop new variants.

Blockchain in the IT industry

With decentralization playing an increasingly important role in the IT industry, cryptocurrencies are becoming increasingly important in this context as well. Some cryptocurrencies are based on the blockchain principle. These include, for example, the scalable database BlockchainDB, which can manage up to 1 million writes in a very short time, stores data and still has a load time of less than 1 second. Other examples of blockchain are ERIS and R3CEV. These two variants are still in development and are struggling with some teething problems. However, experts agree that this is the future of the financial industry.

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