Blockchain and Cryptocurrencies

We have seen the previous year with much a hype of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple. Not that important but something which is quite an important fact behind all these cryptocurrencies are the technology called “blockchain”. Investing in these cryptocurrencies are up to you. But knowing about the technology behind this is as important as the technology is. The Blockchain technology has a lot of potential in it. That does not only have holds the crypto tech but also various other domains related to it. As the main important factor of blockchain is: it is foolproof, (and am not saying it is unhackable but actually it is. But that is another topic) But it forms a ledger like thing using the computing power across the world to generate keys which helps to store the cryptocurrencies and these ledgers are spread across the globe to take a note of the transaction simultaneously. The same piece of a transaction is noted down in all the ledgers. Which means that there are several copies of the transaction across the globe. Now, what makes it foolproof is that when the same information is spread across the globe, with n number of computers then disrupting the information is nearly impossible. That means the more no of miners(information available computers) are there then the hard it becomes the decrypting it.

So the amount of information which can be stored and gets to be destroyed is more. Few the areas where the blockchain technology can be implemented is in the real estate property registration. If there is information about the land you own across the globe then nobody can claim that land. In the field of patents registration, when you own a patent and that info is protected. Such that there are many fields and areas where blockchain technology can be implemented.