In order for blockchain technology to be used safely and reliably in the long term, communication, security and trustworthiness aspects must be taken into account. In order to be able to better discuss the security aspects, we divide blockchain technology into blockchain infrastructure and blockchain application.
The Main Features Of The Technology:
An immutable trade repository is the central element of every blockchain. All data records are stored in a decentralized database, which is kept redundant on a number of computers in the network. The trade repository is strictly additive – nothing can be changed or removed retrospectively. So the register grows as new records continue to be added.Certain procedures ensure that only permissible data records are accepted and that the saved versions of the database are identical on all nodes. Completely mature, the blockchain with these properties in terms of security, privacy and accessibility could mean a revolutionary advance for many company areas and industries.
That’s Why Everyone Wants The Blockchain
For skeptical users of the Internet, the idea is almost inconceivable: And that safe and confidential? In fact: nothing and nobody can harm this digitally documented trade. Because even if the chain link is added to one end of the digital chain, the first is still identifiable as the beginning of the chain and preserved exactly as it was made. The chain links, their connections and thus the entire chain are indestructible.
Huge Computing Effort And Energy Consumption
Because the miners have to execute billions of bills to be able to mine for the units of cryptocurrencies, the blockchain based techniques use a lot of energy. Large server farms that operate mining as their main business are therefore located in locations where energy is cheap. Because nobody knows exactly how much energy is used for mining, the estimates differ widely.
Once a miner has found the solution, the new block is given a time stamp and officially assigned to the chain, every computer in the network checks and the blockchain is updated one block more to the latest version. Now the game can start again. This makes the blockchain very secure.