{"id":2322,"date":"2021-06-08T14:34:55","date_gmt":"2021-06-08T14:34:55","guid":{"rendered":"https:\/\/www.vitalstatistics.info\/?p=2322"},"modified":"2021-06-08T14:34:55","modified_gmt":"2021-06-08T14:34:55","slug":"understanding-how-a-simple-blockchain-can-do-wonders","status":"publish","type":"post","link":"https:\/\/www.vitalstatistics.info\/understanding-how-a-simple-blockchain-can-do-wonders\/","title":{"rendered":"Understanding how a simple blockchain can do wonders"},"content":{"rendered":"

Today Mauritius is determined to become Ethereum Island. They are now welcoming the concept of blockchain and digital currency<\/strong><\/a> to transform their nation as a whole. To understand how a country can be transformed with crypto, let’s understand the rudimentary concept of a blockchain.<\/p>\n

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To put it simply a blockchain is a network of data stored in small nodes or nodules called a block. Information like transaction details fills in the blocks. Every cryptocurrency has its own blockchain. For example, you transacted 4 bitcoins to a friend in Europe, the details of this transaction are stored in a block of the bitcoin blockchain. Similarly, there are loads of transactions adding up as blocks in this network. The important factor to understand is each block is linked to the previous block by a reference number and hash code or ID. This linkage is secure by very strong cryptography. So hacking seems next to impossible. But even if a hacker had to hinder one block from this network, he would have to do it for all the blocks, which would be time-consuming and never-ending. Hence cryptocurrencies are a highly secured payment system.<\/p>\n

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\u00a0So it is believed that blockchains are the new technologies to transform the nation. There is a common buzz about how a blockchain can destroy the business of Uber. How? In the future, there is going to be a way where a driver can fill in their service details in a block, and eventually, it\u2019s going to be a network of drivers that won\u2019t require to connect with a central third party like Uber to reach out to their customers. Likewise, customers can also reach out to drivers via a blockchain.<\/p>\n

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As there is no supreme authority in blockchain to look at, transactors and investors solely trust one another in a strong network. Now, imagine taking a huge jump from centralization to decentralization, be it currencies, services, or even an E-commerce site! Got any clue? Here are a few ideas that would sum up the picture.<\/p>\n

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