ChiChi's Special Finds

Blockchain Technology and the world of Bitcoin have grown tremendously. They now enjoy mainstream acceptance. I have researched to educate myself because I want to be a part of the changes in our world. As a result, I am sharing with you some of the information I found. I present it on this page in easy-to-follow words and diagrams. Or at least to make it as simple as this technology may allow. Where I can, I point you to some additional information if you want a deeper understanding.

In May 2018, Oppenheimer analyst Tim Horan stated, “We believe that blockchain technology will be as important as the internet was to economic and social change in the past 25 years.” Mr. Horan continues, “With blockchain, the community of users owns and pays for the servers instead of having a centralized organization like the FANGs (Facebook, Amazon, Netflix, and Google) driving better innovation.” The rapidly growing use has spurred large organizations such as Facebook to launch their own blockchain business. (Read the full content here: Blockchain Stocks Rise May End FANG Dominance…

Blockchain Technology – Simplified

I found a reasonably simple explanation that finally made a lot of sense to me. A summary of the information located at Reuter’s Visual Guide helps explain blockchain: Blockchain technology consists of a database shared by a network of computers. This shared database makes it extremely difficult to change a point of data added to the chain. Furthermore, to ensure all copies of that database are identical, the network is continuously checking.

Blockchain has many uses, including setting a solid foundation for currencies such as bitcoin.

Here is how a transaction takes place in a blockchain

Step 2: The network verifies the record. The network computers called ‘nodes’ confirm the details of the transaction to determine that it is valid.

Step 3: The verified records are added to a block. Each block has a unique code, referred to as a hash. This block will also contain the hash of the previous block located in the chain.

Step 4: The block is added to the blockchain. The hash codes connect the blocks in a specific order.

The blockchain result is a digital ledger of transactions. Everything of worth is recorded, including financial transactions.

Additional Simplified Information:

• Blockchain is like a giant, worldwide, decentralized spreadsheet. As such, there is not a “Central” authority.
• The system tracks who sent coins/tokens/information sets to whom. The tracking includes amounts, dates, etc.
• For Cryptocurrency (coins), the tracking includes the balance of every account in real-time.
• Uniquely, people worldwide maintain the stored data on their high-powered and specifically configured computers—the industry refers to them as miners.
• The blocks within the blockchain consist of the individual transactions sent and received via the blockchain. Systems like Mist, OMINEX, Parity, MyEtherWallet, Exodus, MetaMask, Geth, and many others, send the transactions.
• You can access your Cryptocurrency Balances on Ominex.com or any other Blockchain Wallet you use. You can also view the transactions on sources such as etherscan.io or blockchain.info. There you view data on the blockchain and not on a personal system.

More Blockchain Technology Information and Benefits To Us:

Blockchain is a decentralized system providing the highest level of accountability. Consequently, there is no:

• corrupted or missing transactions,
• human or machine errors,
• corrupt or broken databases, and
• transactions made in error without the consent of those involved.

Furthermore,

• the blockchain assures the validity of every transaction, and
• it records and validates the transactions on a securely connected distributed network of registers.

You do not need to understand Blockchain Technology to use it effectively:

We are all proficient users of the Internet on a daily basis. That doesn’t necessarily require us to understand the technology. Likewise, most of us drive technologically advanced cars. Does that mean we must have a technology degree to be in the driver’s seat? No, it does not. And yet, we are able to navigate our cars from one point to another. Therefore, you do not need to know how Blockchain Technology works to use it!!! Although, having a basic knowledge of this incredible new technology will help you to realize its revolutionary nature.

An important key that I do UNDERSTAND is that it is FREE. Yes, the blockchain performs transfers and stores money. AND, it can also replace all procedures and business models that currently depend on charging a small fee for the transactions. But for us users, it is FREE.

Pictures provide context; here is a pictorial summary of the above discussion:

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Each Computer in the Blockchain Technology is a “Node.”

Which Industries are Utilizing Blockchain Technology?

According to Entrepreneur, the three big industries in the midst of implementing blockchain technology are:

• Healthcare: The healthcare industry and individuals put many resources into keeping the medical record secure and private. The patient’s medical history MUST BE kept confidential. Only authorized users can have access to that personal information. Yet, the medical record needs to be shared among providers to administer a seamless level of care. In doing so, blockchain makes information sharing in the healthcare industry very secure and confidential.

• Music: The Blockchain system established an unique way for musicians to share contracts related to the sharing of free-trade music. And, more importantly, it ensures the profits make their way to very deserving artists. With these contracts, the artists are able to sell their music DIRECTLY to the consumer. This crosses out the need for labels, accountants, or lawyers. Above all, and a real plus, is that the royalties get paid automatically. NOW, isn’t that alone truly amazing???

Human Resources: If you or anyone you know has applied for a job recently, you know it is predominantly performed online. This presents a confidentiality problem; because, sharing an applicant’s personal information, including job history, is a huge business. Passing the applicant’s information to colleagues in the industry who should have the data is a critical part of the process. So, with blockchain technology, the information is transferred and shared securely. Furthering the benefits, many industries have employees worldwide. Blockchain is efficient, cost-effective, and secure which makes it perfect for a payroll management application.

Are you ready to get involved? Get your feet wet or go for immersion!!!

Start now and be part of the future!!! Be a Miner of Cryptocurrency using the blockchain in the simplest way possible. Rest assured, you won’t have to put your capital at risk. CHECK IT OUT HERE. Learn how to safely and securely utilize your idle computer to earn Bitcoin. You will be a vital contributor to the blockchain and mining forms of cryptocurrency. START HERE. The income is real, even for those of us who do not fully understand this technology.

I know this information can be overwhelming; especially, if this is the first time you have tried to understand how this works. I would like to offer a few suggestions for your learning journey. 1. Save this page in your favorites or bookmarks. 2. Go to your library and check out books on blockchain and cryptocurrency. 3. Read business journals. 4. Perform web searches; there is a plethora of information for the seeker. Let’s do this together and grow in our knowledge and income.

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