Narender Yadav / August 6, 2018
With reference to Bitcoin and cryptocurrencies, Blockchain is planned as a decentralized technology to keep the list of records. It all started in 1979 when it was primarily organized as a hash tree, for validating and handling data between two computer systems, by Ralph Merkle. Later in 1991, for a peer-to-peer (P2P) network system by joining a series of data records according to their occurrence with the newest record containing all the information, blockchain became a reality.
In 2009, the blockchain technology emerged as a core component of cryptocurrency bitcoin for securing and verifying the history of encrypted transactions in a P2P system with a precise timestamp managed without a supreme authority. Since then, the bitcoin blockchain technology has reached to 100 GB from 50 GB during 2016-2017.
Number of Blockchain wallet users worldwide from 1st quarter 2015 to 1st quarter 2018 (Statista 2018)
The above statistics suggest the rise in the quantity of blockchain wallet users during 2015-2018.
Underneath are the 10 things one should know about the blockchain technology:
Although the blockchain technology is able to attract many with its economic advantages but still a considerate chunk of the population is untouched and unaware of the theory of cryptocurrencies and blockchain. Keeping in mind the limitation of the technology, many corporate firms like IBM and others are investing in the improvements to make the popular technology reachable to everyone.
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