Blockchain is a big innovation in the world of technology which allows people saving efforts, time and money while making transactions and other financial operations. It also provides storing data. Blockchain technology works not only for banks but also for various kinds of organizations. It may be helpful in the spheres of digital identity, authentication, authorization, authorship, ownership, data management. Both public and private organizations use this technology. It’s also getting popular with ordinary people. But not all of them know the most important basics about blockchain technology. Now we will explain some of them.
Where is the blockchain stored?
Blockchain is a digital ledger which records transactions across numerous computers. It means that the record can’t be changed without any alteration in all existing blocks of the chain of the network. This peculiarity lets the users effect their financial operations without any threat. It also gives a chance to commit transactions without paying. All operations are authenticated by the mass collaboration of users who have the same interests. There can’t be any miscalculations or frauds while making and getting payments or storing important data. If someone wants to rewrite the definite block, he needs to do it with thousands of copies of this block which are stored on thousands of computers all around the world. It’s impossible, that’s why the users can be confident in their payments and other actions accomplished with the help of blockchain technology.
How big is the blockchain?
Blockchain is a constantly-growing system. Its presentation took place in 2009, but the first big numbers of the users appeared only in the third quarter of 2010. A great interest from the users was noticed only in 2013. In 2015 the whole blockchain market was valued at $315.9 million.
In September 2017 the size of blockchain reached approximately 135 gigabytes in its size. According to the official statistics, nowadays the total number of all transactions accomplished by this system amounts about 150 000. The official blockchain site numbers more than 20 million of users.
The experts say that the global blockchain market is going to reach $20 billion till the end of 2024. It is expected to rise at 58.7% during the forecast years.
Blockchain sign up
The biggest numbers of blockchain open source platforms help their users with typical transactions. The most popular is the official blockchain site. If you want to sign up, you need to enter your e-mail address and come up with a reliable password.
Some other platforms ask to fill out special forms for registration. You need to write your name, private address, social media account. In a few seconds you verify your e-mail you get access to your own wallet.
Blockchain sign in
Then you may start dealing with your transactions. You will always see your balance and existing cash, price charts, the latest actions. A big plus of such blockchain platforms is that you don’t have to pay for using them. You may also download a special mobile application for using blockchain every time you need it.
Platforms based on blockchain source code differ in sizes, numbers of users and, what is more important, in specializations. Some platforms allow confirming and preserving the right of authorship with the help of blockchain. We can see some innovative sites which offer using distributed registries based on the principle of blockchain outside the financial sphere, namely in the data management segment. There is the number of sites which suggest using this technology to identify and validate access rights. Some provide platforms for anonymous online voting, using blockchain technology and cryptography to ensure the accuracy of the results. All you need is to find the one which suits your interests, register and start using it.