Blockchain Tutorial – Understanding Blockchain

Blockchain Tutorial-Understanding Blockchain

Even though people are familiar with bitcoin and cryptocurrency, most are not that familiar with the blockchain technology that is at the heart of cryptocurrency and mining. Blockchain technology may well be a bigger technological marvel than the internet. Normally people connect blockchain with cryptocurrency but blockchain development serves a much greater purpose… but let’s start at the beginning with a blockchain tutorial.

What is Blockchain?

In this blockchain tutorial we will look at the history behind blockchain as well as the process. Even though the original blockchain technique was described in 1991 by a group of researchers, Bitcoin was the first major use of the blockchain as it was originally conceived. The world is now recognizing that Bitcoin is only the first of many potential applications of this amazing technology.

Blockchain Simplified

Blockchain is a system where records can be stored and facts can be verified by anyone and a system where security is guaranteed. The system is so public and so accessible that no one can cheat the system by editing records.

You ask how…

Blockchains store detailed information across a network of computers. By doing so the system is not simply decentralized but distributed. No government, company or person owns the system yet everybody can use it and assist in running it. Why is that crucial? Well, it is essential because it means it’s very difficult (or really impossible) for any one government, company or person to take down the network or corrupt it.

The people who run the system utilize their computer to hold bundles of records (know as blocks) that are submitted by others in a chronological sequential chain. The blockchain uses a type of math called cryptography, to ensure that records cannot be counterfeited or changed by anybody else.

Blockchain technology is disrupting hundreds and hundreds of different markets across the world. Normally it is connected with cryptocurrency but Blockchain has a much higher purpose as a means to verify any network transaction where there is an exchange of information, goods and services.

Is blockchain technology the new internet?

A blockchain tutorial would not be complete unless it looked at the future of blockchain. The first industry that comes to mind is banks and financial institutions but that is certainly far from the only industry application. Any industry that needs millions of transactions to be performed quickly and with complete public transparency is a great candidate for Blockchain. Blockchain technology has created the backbone of a new type of internet. As part of this Blockchain tutorial, let’s look at some of the industries that will benefit from Blockchain.

What industries are adopting Blockchain?

  1. Banking Industry
  2. Voting
  3. Money Transfer Industry
  4. Cyber Security
  5. Stock Trading Industry
  6. Trucking Industry
  7. Supply Chain Industry
  8. Ride Sharing Industry
  9. Online Music Industry
  10. Insurance Industry
  11. Diamond Industry (Asset Tracking)
  12. Real Estate Industry
  13. Human Resources Industry
  14. Healthcare Industry
  15. Legal Industry
  16. Retail Industry

The list goes on and on and on…

How does Mining and making money online fit together?

Mining is essentially the process of supplying computing power to verify and store transactions on the blockchain. Computers tap into the ledgers to help verify transactions, and in return, receive a small reward for their efforts. Although this reward is given in the form of cryptocurrency, it applies even if the servers are mining something other than cryptocurrency!

Think of all the mining profit opportunities that will exist in the industries mentioned above. By relying on the public to supply computing power and hardware to help solve transactions, blockchains remain public and verified by multiple sources around the world, keeping blockchain secure, and making mining necessary!

But what mining operations are focused on the blockchain “big picture” rather than just the cryptocurrency niche? I only know of one. Their focus is to provide free access to mining with earnings that are paid weekly and continuous earnings for 156 months…

Check it out here and see what you think.

To sum up this Bitcoin Tutorial…

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)

 

If you really want to benefit from the new internet of Blockchain, take this Bitcoin Tutorial seriously and start getting your share of what blockchain technology has to offer. Learn more here

 

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