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Blockchain is one of the buzzwords in the world of technology these days, but exactly how is it going to affect your life? The simple answer is that blockchain is going to change the way you live. It’s already changing the finance sector, but there are also innovations happening in everything from real estate to healthcare. Blockchain is a distributed ledger technology that allows people to own their own data. A blockchain is created at the same time as cryptocurrency, which means they are tied together. This way of creating data on an accessible platform offers so many opportunities for us, including the elimination of third parties. This will have huge internet implications and will change how people use the internet and websites. There are also some good ways for us to profit from blockchain too. The blockchain technology used for cryptocurrency is called distributed ledger technology, and it is one of the most disruptive technologies we’ve seen in a long time. It is also one of the most secure and anonymous ways for people to send and receive information or in the most popular case right now money. Over the past decade, there has been a lot of controversy around cryptocurrency and digital currencies, and not just because people are still figuring out how to use them but also because there is a large population of people who just don’t understand the importance of this new and emerging technology.

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The Uses Of the Blockchain

It isn’t just a way of transferring value from one person to another, though that’s how it started. Blockchain has a lot of other uses, most of which people haven’t even thought up yet. And while cryptocurrencies have been a part of the controversy, they have also become a popular field to explore for people looking to learn this new technology. One such way through which this technology will change online business is with the use of smart contracts. They were invented in the 1990s but only became popular when blockchain came along. When someone hires a contractor to do work, they could deposit a certain amount of money into a smart contract and create a contract to which both the contractor and the employer agree. If you meet all of the criteria in the contract (e.g. meeting deadlines and providing the agreed-upon work), then the money will be sent to you. If you don’t meet the criteria, the money will be sent back. This means that the money is more likely to still be yours by the time it reaches this point. Here is the fun part. Your domain name can be a registered nft (we will talk about those another time but they are cool and on the blockchain). This means that your domain name can act as a wallet address. So your smart contract is done under your businessname.crypto and held in your digital wallet.  Making your website now the most important tool in blockchain business dealings.

The Pros and Cons of the Blockchain

So what are the benefits of the blockchain? Well, for starters, all of the data on the blockchain is 100% transparent. Think of it as “digitized human trust”. Not only does this mean that no one can falsify data, but it also makes it so that individual transactions are recorded and verified by a large number of computers. This process is known as “Proof of Work”. As with any form of new technology, there are also limitations. The blockchain is a massive system and all of the data in it is there forever, so mistakes in the system mean that there is no way to correct them- once entered, it stays entered. 

How Do I Get Started?

The easiest way to get started with the blockchain is to understand how it works. For this, I’m going to break it down into four components: mining, the public ledger, the blockchain history, and the private key. First Mining is the process of minting that creates the item on the blockchain. Second, the public ledger is where the information gets added to the blockchain, once entered it’s there forever. Thirdly the blockchain history is where all the information can be seen, searched, recalled, or also known as the proof of work. Fourth is the private key, this is how you as individual access the information on the blockchain. 

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