Blockchain is a open accessed database that is able to record and store information on transactions
within blocks inside a visible accounting system. These blocks contain timestamps along with links to
other blocks that were previously generated. These blocks within blockchain are supposedly resistant to any form of data modification or hack due to it’s inherent design. By default, once data has been recorded inside a block, the data can no longer be touched/altered.
The idea of blockchain is that, while our money and transactions are already controlled in mass by
governments and banks, they track their money movements by gathering information based on trust
and are secured and protected recognised authority. Our money can still be lost through transactions.
With blockchain, all movements are controlled through data of no physical appearance and are secured and protected through heavy security encryptions and complex algorithms that would make
it uncontrolled by any single authority. However since all money would be handled through data instead of exchanged through hands, a different form of currency would be needed. This would be where ‘Bitcoin’ comes in. Bitcoin is a virtual currency invented by Satoshi Nakamoto, which is an alias for an anonymous programmer/group of programmers. Bitcoin uses blockchain as a public distributed ledger, while blockchain uses bitcoin as it’s units of account.
The possibility and past of bitcoin, as a potential violence and threat, can be seen by going back to one of it’s first and main uses was to buy items on the site ‘Silk Road’. Silk Road is a marketplace site only found on the ‘Dark Web’. On the site they sell guns, drugs, stolen information and illegal services as well as other items that aren’t quite illegal.
No comments:
Post a Comment