Basics:
The blockchain is a cryptography-focused architecture based on the internet protocol, powered by networked computer servers that do not need to be set up by developers.
That is, however, just one of its many attractive features. In addition, blockchain is a software approach designed to bind this hardware together and dedicate it to the consensus, a universal validity check system that, among others, uses the Proof of Work (PoW) and Proof of Stake (PoS) methods for validation, and is the primary layer of any decentralized verification architecture.
The Bitcoin Core developers sign all of their releases using the “Pretty Good Privacy” (PGP) encryption program that provides cryptographic privacy and authentication for data communication. PGP is used for signing, encrypting, and decrypting texts, e-mails, files, directories, and whole disk partitions and to increase the security of e-mail communications. End-users can download the software and signatures and verify the releases using PGP software running on their own machines. In this particular verification, blockchain is not necessary.
See also:
In many respects, blockchain can be considered a meta-technology, since it utilizes, enhances, challenges, and potentially supersedes other pre-existing software technologies. As such, it allows us to create versatile technological solutions that aim to minimize the agency of third-party providers and, in a way, return power back to the users. This can be achieved by the blockchain providing an environment where users can interact freely in a trustless ecosystem for very low to almost zero fees, at speeds that make everybody in the world reachable in a matter of minutes. To make this possible, the blockchain is used as a transaction platform and distributed accounting ledger that uses cryptocurrency tokens (digital money) as a representation of a specific value at the current time (much like traditional fiat currencies). Nevertheless, for trustless technology to work on a global scale, it needs to implement trust in a different manner. This is where ISO standards come into the picture, as they ensure that the blockchain interactions follow globally applicable rules, norms, and procedures. This is also why starting in 2016, the blockchain technology obtained its own set of ISO standards, called ISO/TC307.
From the perspective of a technician, the blockchain is:
A transactional platform and distributed accounting ledger using cryptocurrency tokens as a representation of a specific value at the current time (same as fiat). That means that a transaction is carried out by the blockchain nodes, and every member of this blockchain party has a copy of this transaction on their computer (node). Everybody verifies if the entities that are about to do a transaction have enough funds to make this transaction happen. You are basically announcing to all members of this system that you are about to make something happen and, even though this action is happening between two peers, the rest of the network verifies and records the transaction. It is a computing infrastructure that uses the power of the decentralized database with linear cell-space structure, published in a semi-public way (also known as “the block”). It’s an open-source software operating on a development platform of the future. The trust service layer, in combination with Peer to Peer (P2P) network, handles microtransactions and large-value transactions as well - allowing two users to do the same things that a bank would need to do on their behalf. That’s right, instead of a middleman or third party (such as a bank, PayPal service…), you and only you are the master of your transaction registers and the way you do it. This is all possible because of the fact that more and more people realize that there’s a way to do things differently. Because the blockchain transaction is borderless, you don’t need to think where your friends are when you are about to send them some money - and with very low fees, to boot!
“Fees are not necessarily low on blockchains. There are times when on-chain transactions are quite expensive! And of course, “low” is a relative term as well, what may be low for some is expensive to others and vice versa.” - John Light
It provides:
The use for cryptocurrencies, the blockchain’s most famous derivative.Bitcoin, the most crucial contribution to blockchain technology of all time.
From the Evangelist Perspective, the Blockchain Provides:
A suitable environment for running decentralized financial service marketplaces. A layer that creates a borderless opportunity for anybody to join a technological and financial revolution.
To finish on a poetic note, blockchain sounds like a song of the future and can be described as an innovative digital splendor with a strong narrative, with the ability to influence the global direction of finance, data integrity, and the way people control their credentials.
What is needed to run a blockchain? Internet, Electricity, Software, Algorithms, and Hardware (miners)
Blockchain as a Helping Hand
Some economies are still catching up, but accepting innovative technologies that are easy to adapt and can supply those regions with proper financial substitutions, which can foster real and fast progress.
In some regions, people are trying to improve their situation and develop their businesses while struggling with a lack of government support and FinTech adoption. Overcoming those problems is one of the main hallmarks of blockchain technology and cryptocurrencies, as people can use them to bypass obstacles posed by the overbearing authorities to achieve their goals, such as having a money account or credit score.
Indonesia: Small-medium Indonesian enterprises lack access to fundamental financial technologies like personal banking or cloud-stored accounting. This, in turn, makes it difficult for such companies to provide a formally valid and reliable record of business and trade credibility. All those facts make financial institutions reluctant to provide a loan when governments are not able to offer economic support. To exacerbate the problem, small businesses are struggling to join existing marketplaces dominated by large established companies that already control the market through great amounts of business know-how and customer loyalty.
The majority of Indonesian internet traffic is mobile, and only about a third of the population has an actual bank account.
A Possible Blockchain Solution:
Why Does the World Need Blockchains?
The Massive Adoption of Blockchain Technology During the DeFi Season of 2020-2021
DeFi from the Regulatory Perspective
Why are Blockchains a Good Solution?
Data Integrity
Trusted Time stamping
Important Blockchain and Bitcoin Milestones
In May of 2021, this amount of BTC was worth 367,991,000.00 USD: See the TX a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d July 6 - Bitcoin version 0.3 was released. November 6 - Bitcoin market capitalization passes $1 million. December 9 - The mining difficulty exceeds 10,000 December 12Satoshi Nakamoto posted his last post on the BitcoinTalk forum. 2011 January 2 - Tonal Bitcoin, designed for those who prefer the Tonal number system, standardized its units. May 9 - The launch of Bitbills is announced. Bitbills are the first physical incarnation of bitcoins, coming in plastic cards that contain cryptographic information. 2012 January 15 - Bitcoin made an appearance in the show "The good wife" in the episode "Bitcoin for Dummies." September 27 - The Bitcoin Foundation was launched with the aim of implementing a core development team for the protocols and the body to oversee the digital currency. June 3 - Bitcoin confirmed its largest transaction to date with 1322 transactions on block 181919 November 28 - Bitcoin Halving Day. On Halving Day, Block 210,000 is the first with a block reward subsidy of 25 BTC. 2013 QixCoin , a Turing-complete cryptocurrency, was created by some of the RSK founders. QixCoin introduced the concept of pay per execution, currently known as transaction “gas.” However, RSK inherits several key concepts from Ethereum, such as its account format, VM, and web3 interface. January 22 - BitPay surpasses 10,000 transactions. BitPay, a Bitcoin payment processing company, announces that it has surpassed 10,000 Bitcoin transactions for its merchants, with no cases of payment fraud reported. February 15 - The bitcoin-based payment processor Coinbase reported selling US$1 million worth of bitcoins in a single month at over $22 per bitcoin.[41] The Internet Archive announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency. February 19 - Version 0.8 of the Bitcoin client was released. It features Bloom Filtering and improved download speed. February 21 - Internet Archive began accepting BTC donations so that its employees can be paid in Bitcoins. Mar 12 - A hard fork occurs on the blockchain. A protocol rule that was previously undiscovered results in a hard fork of the 0.8.0 reference client. March 18 - the Financial Crimes Enforcement Network (or FinCEN), a bureau of the United States Department of the Treasury, issued a report regarding centralized and decentralized "virtual currencies" and their legal status within "money services business" (MSB) and Bank Secrecy Act regulations. It classified digital currencies and other digital payment systems such as bitcoin as "virtual currencies" because they are not legal tender under any sovereign jurisdiction. March 28 - The total Bitcoin market cap passed US$1 billion. May 1 - Online gaming company ESEA is called out for secretly using customer computers to mine Bitcoins. May 2 - 2013 The first Bitcoin ATM in the world debuted in San Diego, California. May 3 - Coindesk, a bitcoin-focused resource, and news website was launched by Shakil Khan, an angel investor and advisor to Spotify. May 17 - The first major Bitcoin Conference was held at the San Jose Convention Center. December 5 - The People's Bank of China announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering. 2014 Blockchain technology is separated from the currency, and its potential for other financial, inter-organizational transactions are explored. Blockchain 2.0 was born, referring to applications beyond currency. The Ethereum blockchain system introduces computer programs into the blocks, representing financial instruments such as bonds. 2015 Ethereum launched - first 2.0 blockchain system (but It's not even the first cryptocurrency to have a Turing-complete language, which was QixCoin). 2016 World Economic Forum - first governance models through blockchain IBM opens a blockchain innovative research center. Started a development that ends up with an umbrella product called Hyperledger Fabric. Blockchain has its own set of ISO standards, called ISO/TC307 The “Dubai Blockchain Strategy 2021” project was launched. 2017 15% of global banks using blockchain for intercommunication. March 2 - The day one bitcoin overtook the price of an ounce of gold. July 21 - SegWit was locked in by Bitcoin miners August 21 - SegWit was activated. December 6 - Lightning Network preview was released. 2018 July 17 - 2018, MasterCard accepted the agreement to participate in cryptography. Emirates Blockchain Strategy launched. 2021 Sovryn platform launched. The cooperation of three companies resulted in a blockchain-based land registry for AfghanistanSovryn developed the Bitcoin-native DeFi protocol that allows Ethereum and Binance Smart Chain users to experience the most feature-rich platform directly on the Bitcoin-native RSK blockchain. El Salvador became the first country in the world to officially classify Bitcoin as a legal currency. June 16 - The World Bank has rejected a request from El Salvador to help with the implementation of Bitcoin as legal tender.
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