Bitcoin: how the blockchain works

block chain

More and more space for cryptocurrencies, but to understand the opportunities it is essential to know how they work

Ever heard of blockchain? This is the technology that has become popular thanks to Bitcoin or cryptocurrencies. Literally a chain of blocks, it is a ledger, a decentralized public ledger visible to all , where every transaction or contract is stored and secured with encryption. To access, you just need an Internet connection and nobody checks it: each participant can view the operations, verify them and approve them. Born in 2008 together with Bitcoin, the first decentralized virtual currency Only the pseudonym, Satoshi Nakamoto , is known of the creator, an entity that in December was recognized as the 44th richest person in the world, with assets of $ 19.7 billion. The World Economic Forum has predicted that by 2025, 10% of GDP will flow on the blockchain.

How the blockchain works

Computers connected to the virtual currency network record each generation of new Bitcoins and each change of ownership of a Bitcoin on the blockchain, a public and shared register among all users of the network that verifies and authenticates how many Bitcoins are and to whom they belong. Every time a Bitcoin changes hands, this transfer is recorded on the blockchain , which means its own chain of blocks, in a new encrypted data block , which is added to the blocks in which the previous operations are included and to which it binds.

Today the blocks are just under 500,000. It is impossible to change one, because it would be incompatible with all previous and subsequent ones. This shared ledger is a sort of central bank of Bitcoins, the maximum guarantee of the existence and ownership of virtual currencies. After Bitcoin, many other virtual currencies were born and some states are trying to create national currencies , such as Estonia (estCoin), Tunisia (eDinar) or Sweden La (eKrona). Online ecommerce and best online pokies australia accept bitcoin payment as well.

Not just Bitcoin: the other uses of the blockchain

In fact, potential can invade many other areas of our life. Among the most original uses of blockchain is that of the Dutch company LegalThings. Bitcoin is accepted widely in online transaction. Worldwide today it is used as secure payment for casino online.

On January 10, she launched the LegalFling app to give her prior consent to sexual intercourse with a person. By choosing the heart you accept the relationship, with the X you reject it. The contracts thus stipulated are stored on the virtual register and have legal value: the duration and other terms can also be specified. Among the uses there is also the elimination of bureaucracy. Like electronic voting. And your health conditions can also be stored in the blocks.

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