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Interesting Facts About Blockchain Technology

Blockchain is the technology that makes Bitcoin and other cryptocurrencies very secure. It’s an open-source and distributed database that is stored in nodes or computers within the network. When new transactions or blocks are added to the blockchain, it will automatically update itself. Here are five fascinating facts about this ultra-modern technology.

The Top Five Interesting Facts About Blockchain Technology

1 – It’s Tamper-Proof

Once an entry is added onto the blockchain, it will be nearly
impossible to remove or alter it later. If you want to modify an entry, you’d
have to change all the transactions that came after it. Doing this is
mathematically impossible, so even genius fraudsters would have to look
elsewhere to steal bitcoins without too much effort. Being tamper-proof is
also the reason bitcoin payments are final and irreversible.

2 – It’s 100% Transparent

Anyone with access to the blockchain can see all the transactions that have ever occurred in the past. You can even look up the first-ever block (block 0) that Bitcoin founder Satoshi Nakamoto mined in 2009. This genesis block contained the message “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.”

Also Read: Why Flux Is Set To Become The Hub For The Web3 Solutions Of The Future – Crypto Bite

3 – Criminals Can’t Hide Behind The Blockchain

If criminals think they can hide behind the relative anonymity that Bitcoin
provides, they’re sorely mistaken. Many have tried to evade the long arm of
the law by converting their stolen loot to bitcoins and transferring them to
different wallets, but with the transparent nature of the blockchain,
computer experts can spot and trace all the bitcoin transactions these
criminals have ever done.

4 – Blockchain Technology Is Not Limited To Cryptocurrencies

Many different startups have started to experiment with implementing
blockchain technology in various industries. One such example is
Ethereum with its smart contracts technology that runs on
blockchain. Since the blockchain is decentralized, two parties can make
transactions between themselves without needing the services of a
middleman. This not only saves you money, but it also saves you a lot of
time and conflict.

5 – Blockchain Can Still Be Improved

While this technology has improved the lives of many people, it
can still continue to advance. For one, as time passes by, the blockchain will grow to be several hundred gigabytes of data. This will cause a lot of bandwidth and storage problems on personal computers. Let’s hope the brightest minds in the crypto space can find a solution to this predicament soon.

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