What is blockchain technology?

What is blockchain technology?

"Blockchain Technology", "Bitcoin", "Mining", other tokens and crypto-currencies have firmly entered our life. This is spoken of by all friends and relatives, colleagues at work. Many structures and projects try to introduce technologies for storing and distributing information. But, very many do not understand these technologies, opportunities for development and investment, including in our lives in the very near future. 

The most popular and huge project, which glorified the blockchain technology - became Bitcoin, which was released back in 2009. Bitcoin was issued in the form of electronic cryptocurrency, and the functioning of the currency and its production was based on the blockchain system - receiving, storing, collecting and storing data, for example, in the gaming sector, banking sector, gambling, etc. Bitcoin and blockchain, respectively, this is not the same thing. In fact, the block is a huge cloud data store, but it does not store information on one server but is distributed among all servers and computers as data blocks and their circuits. This allows, for example, to store your user data in the game War Thunder and process the game data using blocking technology. For example, various online poker clubs use resources not only for storing and processing user-generated game content but also for making payments - for which these resources introduce their internal tokens - crypto-currencies everywhere. Banking institutions and even state authorities, blockchain can safely store and process information, avoiding upright ways of storing and processing data. The ways of using blockchain can be listed indefinitely. The essence of block technologies is that the storage and processing of data and information is not carried out on one computer, but essentially on all computers on the network. And storage, once again recalls, is based on the chain of data storage in blocks and chains. These data cannot be unauthorizedly changed, i.e. the possibility of extraneous crime is completely excluded. Without any risks, lack of information, there are no single servers, there's nothing to hack. All this is called a decentralized system. That is why crypto-currencies and block technologies have become the safest and effective way for the above resources. 

Turnover crypto-currencies and in t.ch. Bitcoin is based on the existence of the concept of consensus. Data about the transaction is taken from the wallet unit with the private key. A block cannot be faked. This is something like sending money from any payment service to another service of the person you want to send funds to. It is common knowledge that such a traditional payment method has risks for hacking and stealing funds. Blockchain, if properly organized, virtually eliminates the possibility of theft of funds, the breaking of a purse or loss of funds, etc. Recent high-profile cases, when allegedly cracked fraudsters purses of any blocking resources, to put it mildly, are incorrect. Initially, these resources were based on unreliable source code and soft, user wallets in these resources are placed without the proper level of protection. The problem is not in the blockchain, but the problem in the decisions that have been chosen by those or other resources, crypto-currencies, etc. - blockchain development. 

That is why, the use of blockchain and various crypto-currencies, tokens, etc. - requires professionalism and various highly skilled technological solutions. 

Naturally, there are also various companies that are already engaged in the development of software and resources, which are based on blockchain technologies. Given that block technologies require specialized knowledge in Node.JS, C ++, Ruby, Java-languages, PHP, the need for companies like Elinext is undeniable. Elinext develops software in the field of consulting, as well as various web applications, mobile, stationary (desktop) and other installed programs and applications. Elinext also deals with QA and testing of products based on blockchain technologies. The scope of the solutions offered by Elinext is huge - it can be various areas of business - insurance, finance, telecommunications, healthcare, banking data, e-learning, retail and trade, gaming and gambling, any sphere of data storage and processing, exchanges and trade, etc. 

- Ie. block is impossible to forge. Each blockchain-block is tied to a chain and can not be altered, forged. This information is unique and not delete, changes.

- Because block is a mathematical equation, until this equation is solved, the next block will not be added to the chain. Solving the equation will require a random number generation called nonce. Transactions in crypto-currency and other data, a so-called digital imprint is created, which has the name "hash". Each "hash" is unique and must meet certain cryptographic requirements. Recall that everything is implemented and is based on a private key, encrypted. And since all data is stored not on one server, but implemented on a distributed system - this becomes the best and safest solution for development blockchain. 

Advantages and disadvantages 

Agree, the mentioned terminology is somewhat complicated and it seems that this also applies to the turnover of crypto-currencies, the introduction of blockchain technologies. Not certainly in that way.

If we write about traditional methods of online payment, then any transaction carried out there is registered and conducted using private server databases. The bases are closed and this is correct. These databases belong to one entity. Accordingly, it is he who provides security and resistance to scammers. And if this is not done at the proper level or if there are problems with the server, it is easy to assume that some or all of the information may be lost, or theft of funds has been deliberately committed. 

If this information is located in the blockchain and is implemented, for example, in Bitcoin, as a reinforced database. This storage of information is carried out in blocks, information about which will not be changed, and for the transfer, requires authentication.

Caving and theft are impossible because there is no centralized storage system. Blockchain development is based on a decentralized data storage system. Those. the collapse of the blockchain is impossible. Only if the Internet disappears altogether, which is unlikely.

Of the minuses, this is the problem of blockchain growth, because the amount of information all the time, growing - the growth problem already inhibits the development with the speed of transactions and their processing. To date, there are already projects that are working to resolve this issue. 

When preparing and developing a project blockchain, it is necessary to select a professional team that will be able to use all the advantages of a blockchain project and minimizes the minuses of this sector. 

A professional blockchain development team will be able to solve all the questions you need to run your project blockchain. Starting from the development of individual applications to professional software, individual Internet resources. They have the ability to create products and solutions for any sector of the economy.