The Best Bitcoin and Blockchain Technology Explained
Having spent a good amount of the last 7 months researching how the blockchain works and how advanced it has become over time, people tend to still not understand much about the blockchain nor how it functions. While many companies like Micrsoft, Macintosh and Sony have begun to add blockchain technology to their products and software offerings. For the most part, bitcoin is now dead but blockchain technology is not, it will not be and will continue to be a great innovation on how money is transferred and how it is used.
Many popular culture news articles often are simple and lacking in how cryptography functions, explaining to a layman on how the blockchain and hashes function is like trying to explain to a squirrel how a skyscraper works, It’s difficult and it’s not very effective. The fundamental usage of the blockchain is quite difficult to explain and if you decide to build blockchain based services you will need to understand how blockchain systems function and not just have a very basic understanding that most do
Blockchain is most associated with the cryptocurrency bitcoin, the currency had its value go up by nearly 1000% to nearly 20,000$ before having the price collapse to nearly one half of the said peak after the bubble burst. However, the practical applications of blockchain can be applied to a lot more things, for example trying to erase the uncertainties when buying used goods or tracking food items on the blockchain or getting access to good drugs without having to resort to paying extremely high prices, the blockchain helps make transactions and data more transparent and cautious, hence easier to trust, and makes it easier for people to understand how money moves around and about and interacts with the world.