In all likeliness you have heard the word “Blockchain” mentioned numerous times during 2017. If you have not heard about “Blockchain” then the word “Bitcoin” might ring some bells. Bitcoin was the technology which made many people millionaires last year. Bitcoin and Blockchain are actually connected. The Blockchain is the reason cryptocurrencies like Bitcoin function effectively.
The Blockchain is actually like a Google spreadsheet that is shared by the whole world (cryptocurrency users obviously). In Blockchain the data is a block and each block of data is connected one after other in a chronological order just like the spreadsheet hence the term was coined the “Blockchain”. The real-time update of fund transfers and balance info of all Bitcoin users are stored in this spreadsheet. It is actually a good way to keep track on the current flow of cryptocurrencies around the world.
There are many advantages to Blockchain technology that other alternative cannot provide such as,
Many people don’t know about the working of Blockchain. In a recent survey by HSBC, out of 12,000 respondents in 11 countries, 80% of people couldn’t explain how the Blockchain works. In reality it is a simple process and is quite easy to understand.
Blockchain writes just a few lines of code to complete the transaction. And the code will run in a secure environment and will only be accessible to the authorized users.
Each block of code data will contain the amount that needs to be transferred, the address of “A” and “B”, the account balance of both accounts before and after the transaction.
The Blockchain technology has become the mother of over 100 billion US dollars in the cryptocurrency market. Blockchain technology is expected to be used in many future technologies. As per a report by PwC, Blockchain attracted an investment of 1.4 billion US dollars. Apart from the business point of view, Blockchain technology has applications in sectors such as education, healthcare, military defense, etc. There are many cryptocurrencies that are using this technology for their applications. Hence, this is what Blockchain is and how it works to make you a millionaire.