confuciusx
You hear blockchain, your probably think bitcoin
While inextricably linked, the two are not the same. Bitcoin for beginners is here but start off with the blockchain principles:
Principle 1:Blockchain is a peer to peer (P2P) network.
That means it is a decentralized network with no individuals controlling any transactions and the collective hive mind of many, many individuals is required to verify and control transactions. It means the chain cannot be hacked, changed or deleted without the agreement of everyone.
Principle 2: Blockchain is transactional in nature.
The whole purpose of blockchain is to verify and then confirm transactional activity of many kinds with the absolute usefulness of this being the fact that every transaction is recorded in a permanent ledger which is unalterable.
Principle 3: Security.
As a decentralized distributed network, nobody can interfere with the basic principles of the chain; no individual, whether through reckless behavior or malicious intent, can change or alter or destroy the blockchain. There is no central point of failure; individual password hacks through phishing or social manipulation have damage limited to the individual user. Don’t give out your password. If you do, you lose; there is no technological solution to giving someone your passcodes. Blockchain works with Public Key Infrastructure (PKI) and is highly encrypted. Right now there is no known way of breaking that encryption.
Principle 4: Cryptography.
Understand the baseline of why the encryption works and why that’s a huge positive. Encrypted data simply means that plaintext which is easily readable is converted into ciphertext, or encrypted data that is entirely unreadable, with the use of an algorithm or a cipher. Only with authorization can users can access any data and read the contents making this ideal for privacy and security reasons.
Principle 5. Inclusive:
There is no discrimination in the Blockchain. It is highly inclusive in its general approach – regardless of perceived complexity – giving a fair and available platform for anyone in the entire global economy without discrimination. From rich to poor, from 3rd world to 1st world countries, no bank account or credit history is required and anybody can make the direct decision to transact or not with whomever they wish. There is zero centralized control meaning no third party intervention and transaction fees are low for simple transactions.
Blockchain I strongly feel is a chain which will set everyone free and unify one and all with no discrimination whatsoever.
The revolution and ingenuity of Blockchain is in the fact that it levels the playing field for all individuals, removing the banks and mediators and making it a true fair, just and inclusive tool.
Principle 6. Blockchain Keeps Your Privacy
Data privacy has become a very hot and topical discussion as people realize how much data is collected on them. In this very digital world, a world where individuals and businesses transact online for shopping, making and receiving payments and verifying information for a myriad of transactions and other purposes, privacy is becoming a key point. Blockchain and its Strong Hash Key encryption is very secure and is almost 100% effective in keeping your private data including name and location etc…
With Blockchain the network transactions never reveal your personal information using the blockchain P2P network Your wallet address is publicly available but there is no link to your personal identity. Your Rights and freedom is clear and enforceable, as you become part of the blockchain ecosystem. The Blockchain’s Smart Contract is a great way to execute any private agreement between two parties, which basically allows for transactions to go through only when certain predefined benchmarks have been reached and agreed upon both parties involved..
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