The Bitcoin Blockchain can be a bewildering aspect of the cryptocurrency on first glance. With the level of technological vocabulary attached to it, it may seem a part of the network that is inaccessible. However in this article we will break down the Blockchain to its core and hopefully allow you to become experienced in its operation and its ultimate benefits which it can provide is it on a commercial level of a simple individual level.
The Blockchain can be viewed on a variety of websites known collectively as block explorers. These provide you with unrestricted access to every transaction made using the Bitcoin as the Blockchain is essentially a public ledger. Instead of being just your bank statement which you receive outlining movement of Naira into and out of your account, the Blockchain lets you see ever single transaction and to what address Bitcoin went too. This transparency has fuelled many of the applications we see today that aim to integrate the technology with communication due to its security and transparency, but also on a commercial level allowing software pirates to be caught.
One of the many other features developed into the Blockchain is the fact that text messages can be attached to transactions. Not only will these messages remain on the Blockchain forever, they can’t be manipulated which has improved the use of Blockchain evidence. The fact transactions can be traced and followed simply because the Bockchain is completely public and transparent has allowed for an unparallel ledge devoid of corruption and manipulation which is still sadly rife in many fiat economies.
To conclude the Blockchain may be a bewildering application on first sight, but the simple fact is that it is a basic ledger where you can search for a transaction and you will receive all the information associated with it, or if you look for an address you will gain access to all of its transactions. This may seem counterintuitive to the privacy offered by the network but allowing this level of transparency brings a level of power to the users whilst not compromising identities associated to addresses.