Blockchain Revolution

Blockchain Revolution explains how the power of this new technology behind Bitcoin can transform our world financially by improving the way we store our money and do business to make it more fair, transparent, equal, and free from corruption.

First off, you might be wondering why we call it “blockchain.” Put simply, every transaction is recorded in what’s known as a block. Each new block is linked to the block before it, making it like a chain.  

Each new block placed on the chain contains information from the previous block as well as its own information. When a new block is added, its data is broadcast across the network and a consensus algorithm is triggered. This system makes the blockchain virtually impossible to tamper with, because everything must line up perfectly. 

The proof-of-work algorithm is a way Bitcoin ensures that records are accurate without a central authority figure. It is used to create a new block on the chain. But to confirm a transaction and build a new block, so-called miners must compete to solve complex mathematical problems that need huge amounts of computer power. The miners get rewards for solving the problem correctly with cryptocurrency.  

It ensures that when new blocks are added to the chain, the others behind it cannot be removed and replaced. In order to pull this off, someone would have to create blocks faster than all of the computers on the network and have enough power left to solve the math puzzle. 

But doing this wouldn’t even be worth it anyway. The cost of that kind of computational power would be more than whatever you could get through manipulating the blockchain. All of this is to say that the system is extremely secure.

Have you ever tried to make a transaction or deposit and you were told you would have to wait one or more business days for it to go through? You might wonder why this kind of thing is still taking so long when you can email someone and they receive it instantly. It goes to show how outdated our financial system is. Banks are unnecessarily slow and complicated. Even if you’re doing online banking, you are slowed down by a myriad of middlemen. Examples of these middlemen include investment banks, credit card companies, security firms, stock exchanges, and more. These middlemen make things slow, and even worse, they make things more expensive and profit from it. The crazy thing is, Bitcoin could eliminate all of this. They take only about 10 minutes to be transferred directly from one account to another account with no middlemen like you would have with a credit card purchase. Besides being slow and expensive, banks don’t help…