An Ultimate Beginner’s Guide to BlockChain [Infographics]

Written by Stacy Miller

What fascinates people about services like Bitcoin is the dissolution of boundaries of nations and geographies. Online cryptocurrency allows people to get goods and services from across the world without needing to involve cumbersome legal red tape. However, the same lack of legal background that still defines cryptocurrencies is what makes them unreliable to many. That might see some change with the system called Blockchain.

To be fair, Blockchain predates Bitcoin by about a decade. It is presently in use by several corporates to manage inventories as well as track deliveries. It has also been proposed as a viable solution for the problem of fake votes and other such issues that plague democracies. It has even become a way of protecting intellectual property and identify instances of copyright infringement.

But for Blockchain too, things before BTC haven’t been great with the system being relegated to obscurity. However, BTC being the future of monetary transactions, it becomes imperative to know more about the system. Blockchain derives its name from the complex chain like structure it can be traced as by making it into a flowchart. The system is simple; your transactions generate a block of data that is replicated and stored on several devices across the system, from which the original can be verified.

How is that any more secure than a piece of paper with your initials on it? Well, for one, the block is really hard to alter. Once generated, there are virtually no ways to change it to reflect a fake entry. Even if you do manage to fake a record, it can still be verified from the many copies in the system. Locating and modifying all of them becomes next to impossible.

TechiesPad have compiled an infographic that sums up the entire concept in a more visual way to help readers grasp the concept easily. Check it out below.

blockchain-infographic

Crowd Sessions Corporate Crowdfunding

CROWD // SESSIONS

Crowdsourced Innovation &
Prize Challenges for Sustainability

Don't forget to share this post!
About Author

About Author

Stacy Miller

Stacy Miller has been blogging ever since she was in high school. Her love for technology and disdain for generic Hollywood movies has only grown over the years.

You may also like

How to Use Crowdsourcing in Financial Services

How to Use Crowdsourcing in Financial Services

The past 12 months of pandemic lockdowns and disruption to business through a mass of people working from home has posed a myriad of financial issues across all industries. Apart from internal financial struggles, companies might also be finding it difficult to gather...

Speak Your Mind

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.

Design Your Next Successful Prize Challenge

Design Your Next Successful Prize Challenge

E-BOOK Includes:

- 7 key Step Framework Guide

We have broken the process down to a template of seven key steps to ensure results.

- 7 key step Workbook

We created a workbook template to get actionable steps and a clear overview of your next prize challenge.

Get your Rewards ready! E-BOOK on it's way to your inbox!

Download your E-Book

Strategies and Insights from Real-World Online Marketplaces

E-Book on its way to your inbox!