When we talk about bitcoins and other cryptocurrencies, we must know that blockchain is the only thing that keeps this safe and secure. Blockchain technology is a database that is open-source and it is stored in various nodes of computers. Whenever a new transaction is done a new block gets added to the blockchain. This is how bitcoin transactions are safe and secure. Here in this post, we have listed some of the most interesting facts about this amazing technology.
1) Blockchain can’t be manipulated
Nobody can mess with blockchain technology since the blocks are added in real time. So, in order to tamper the records, all the records that are added afterward have to be altered. This is practically impossible, this is why blockchain is the safest way for all transactions. Even the most talented fraudsters can’t tamper the transactions. This is the reason why bitcoin transactions are irreversible and permanent.
2) The blockchain is Completely Transparent
The amount of transparency blockchain offers is quite remarkable. You can check even the first transaction that was ever done. Well, the first transaction was done by the founder of bitcoin, Satoshi Nakamoto. This is known as block 0 and all the blocks were added after this block. This is why blockchain technology is so amazing. You won’t have to worry about anything because of 100% transparency.
3) Blockchain technology can easily track criminals
Since there is 100% transparency, criminals can’t hide behind the anonymity of bitcoin. Many criminals tried to convert their money into bitcoin and then cash out with some other wallet. Well, since everything is transparent in blockchain technology, every transaction can be easily tracked. Computer experts can easily spot any transaction ever done by any criminal.
4) Blockchain is not just for Cryptocurrencies
Blockchain technology came into existence because of bitcoins, but since then lots of people experimented with it, and it became bigger than what it was. Lots of startup companies are using blockchain technology to carry out transactions. One such example is Ethereum that used blockchain for smart contracts. Since blockchain is decentralized, the need for third-party payment services is diminished. This saves lots of money and also provides an error-free scenario for users.
5) There is still room for improvement
We aren’t saying that blockchain is perfect, but it definitely helped a lot of people. There is still room for improvement, and blockchain is growing day by day. Soon blockchain will gain more than thousands of gigabytes and it will need a better storage option. For such technology using computer storage won’t be enough. But we believe that the sharpest minds of this crypto world will definitely come up with something that can solve this problem.