“Blockchain” technology is fueling a growing interest beyond the blockchain used by Bitcoin and, more generally, by all crypto currencies.
In particular, these are application cases ,related to the financial sector, that by their nature, are not public but “private” registers and these are kept within each single company network.
Depending on the case, such BlockChains may contain tokens that represent a certain type of value or may contain legal contracts. The R3 system is the most popular among these experiments, and Microsoft Azure’s Blockchain-as-a-service (Baas) offers to the companies the ability to test BlockChain Technology-based applications.
Unlike private networks hosting Enterprise BlockChains, the Altcoins, as we have seen in the previous chapter, are Bitcoin-like systems from the point of view of public access and the ability to send, receive, and trade tokens.
Let’s try to better understand the concept of Blockchain : we are used to think a computers as something “physical”, in a room or an office, on the contrary the distributed register concept is more abstract, does not reside in any physical location, being composed of all computers participating in the BlockChain network, but at the same time it is independent of them.
To clarify this, let’s take an example: if Mark Zuckerberg turns off the Facebook server, Facebook disappears forever from your life, but if it breaks off a BlockChain network computer, it still works with other computers. of the network. It is therefore a system that, being decentralized, no one can control, censor or attack.
In fact, even if you can hack a node, there are thousands others who continue uninterruptedly to run the registry.
From this key concept, it turns out that:
- It is safe because no one can control or manipulate it;
- Is reliable because there is no “guarantor” being the same network, consisting of thousands of nodes, to validate transactions;
- Is transparent because all operations are public;
Let’s ask now a question:
Regardless of the initial idea of considering BlockChain as the basis for Bitcoin transactions, is this a technology that could find other applications in everyday life?
This will be further explored in the next lesson.