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Here are some blockchain info and details everyone needs to know about to assist to the financial changes in the world today.  I have put together some very useful information to help you further your knowledge on this opportunity.  And do not worry, you will soon understand, the details are for those that want more.

First of all, the blockchain is an trustworthy digital record of economic transactions. It records financial transactions as well as anything with value.

WAIT – Let’s make that more simplified for you.  Blockchain Details Broken Down to Simplicity:

• The blockchain is a huge, global spreadsheet and no one system is the “Central” control.
• It keeps track of who sent how many coins/tokens/information sets to whom.
• The blockchain tracks what the balance of every account is in the case of Coins/Cryptocurrency.
• Thousands of people (miners) store and maintain it across the globe.
• The blocks are made up of individual transactions. The blockchain sends and receive all inormation. For instance, all individual transactions are sent from places like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else.
• When you access your Cryptocurrency Balances on Ominex.com, or any other Blockchain Wallet or view your transactions on various and specific sources like etherscan.io, blockchain.info, etc., you are seeing data on the blockchain, not in any one personal system.

More blockchain details and Benefits to all of us:

Blockchain is a system that brings everyone to the highest degree of accountability. This results in:

• No more missed or unreliable transactions.
• An end to human or machine errors.  No more corrupt or broken databases.
• An end to transactions or exchanges (made in error) without the consent of the parties involved.
• The blockchain guarantees the validity of a transaction by recording it not only on a main register but on a connected distributed network of registers.  All of which connect through a secure confirmation protocol.

Blockchain technology is explained best by considering it Internet 3.0.  (Evolution of the Internet – better – safer – truth).

The blockchain is a very creative invention – the brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking, and we are here to help explain; is: What is Blockchain?

Consequently, details to what blockchain is become more clear here.  Due to digital information on blockchain being allowed to be distributed but not copied, it creates an endless and constantly updated and accessible database.  Hence, blockchain technology created the backbone of a new type of internet.  This is the internet evolved to where it is better for everyone globally. Originally devised for the digital currency, Bitcoin, the tech community is now finding immediate and potential uses for the technology. Everything we saw happen with the Internet changing commerce and how things are being done and communicated; is not being re-done in a new revolutionary method with blockchain.

Due to recent proof of Bitcoin and the creation of blockchain; Bitcoin has been called “digital gold.”  Seems like it is actually a great name for it; as it has proven to be just that. To date, the total value of the currency is close to $350 billion US. (probably far more by the time this is read).  And it doesn’t stop there, as blockchains can make other types of digital value.

Blockchain details do not need to be fully understood to be used by us all:

Like the internet (before blockchain) or your smartphone, computers, or your car; you do not need to know how the blockchain works for you to use it. However, having a basic knowledge of this new technology helps you to understand why it is considered revolutionary.

A distributed database – let us explain the blockchain details even more:

In a simplified manner, picture a spreadsheet that is shared thousands of times across a vast network of computers. Then realize that when ever a secured and validated truth of any update is processed, that this network is designed to regularly update this spreadsheet.  If you can grasp this concept, you have a basic description and understanding of blockchain.  Some benefits to this process and function include:

• Information held on a blockchain exists as a shared, and continually validated and reconciled database.
• The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.
• No centralized version of this information exists for a hacker to corrupt.
• It is hosted by millions of computers at the same time, and its data is accessible to anyone on the internet.
• Ultimate Security and Transparency.  Truth.

Blockchain Details: Durability and robustness

Blockchain technology is similar to the internet in that it has built-in strength and power. By storing blocks of information that are identical across its network; the blockchain cannot:

1. Be controlled by any single entity.
2. Has no single point of failure.
3. Be corrupted or embezzled.

Blockchain details from the history of its Invention/Creation:

Bitcoin was first invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of the problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)

The internet itself has proven to be durable for well over 40 years.  This is a track record that bodes well for blockchain technology as it continues to be developed, and deployed for all uses and solutions for the Global Community we all live and work in.

Blockchain details on being Transparent and incorruptible

The blockchain network lives in a state of constant consensus.  Therefore, it is one constant consensus that automatically checks in with itself every ten minutes.  This is a kind of self-auditing ecosystem of a digital value. The network reconciles every transaction that happens within ten-minute intervals. Each group of these transactions is referred to as a “block”. As a result, here are two important properties created by blockchain:

1. Transparency data is embedded within the network as a whole, by definition it is public.
2. It cannot be corrupted. To alter any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.*

*In theory, this could be possible. In practice, it’s unlikely to happen. Hence, taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.

Blockchain details: A network of nodes

A network of computing “nodes” make up the blockchain.

Together they create a powerful second-level network, a wholly different vision for how the internet can function.

Nodes and their role in the first blockchain example: bitcoin.

Every node is an “administrator” of the blockchain, and joins the network voluntarily. However, each one has an incentive for participating in the network. You have the chance to win Bitcoins, proof of work, and then creating the blockchain of information.   You are then rewarded in bitcoins for the completed block in the blockchain!

Just as the internet was once just a way to share “emails” and information, and grew into massive commerce, jobs, and revolutionized industry.  Hence, as a result of blockchain it is already happening again; evolving to the next level of technology based on decentralized solutions and “truth”.

There are an every growing Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. In addition, there is a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Because there are literally no barriers; the uses and deployed solutions will be a part of our everyday lives (if not already) in the immediate and every advancing future.

Blockchain details: The idea of decentralization

The blockchain is a decentralized technology.

Anything that happens within the system is a function of the network as a whole. Here are the implications:

• By creating a new way to verify transactions; aspects of traditional commerce could become unnecessary.
• Cryptocurrency and ICO/Token trades become almost simultaneous on the blockchain. Realizing a Global economy of trade operating 24/7/365 with no market opening or closing.  Global.
• Vital record keeping, like a land registry, is now fully public.
• A global network of computers uses blockchain technology to jointly manage the database that records the recorded and structured transactions. Making information up-to-date and available at all times.

The network manages the blockchain. It operates on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” and the possibilities from all forms of mass collaboration are just beginning to be investigated.

Blockchain details: Who will use the blockchain?

Keep in mind; you do not need to know about the blockchain for it to be useful in your life. Like computers, they have been enhancing everything around us with or without our knowledge of them and how they function.

Currently, finance offers the strongest use cases for the technology. International remittances, for instance. As a result, over $430 billion US money was transferred in 2015.

Jobs and Careers are abundant in the blockchain. At the moment there is a high demand for blockchain developers. This is not going to slow down. Therefore, implications for evolving into the blockchain is relevant for virtually everything.

Consequently, the blockchain potentially cuts out the middleman for all types of transactions.  Hence the reason new methods for generating and being part of creating new monetary gains are higher than ever.

Access to the financial sector and use of blockchain cryptocurrencies became accessible to the general public with the invention of “wallet” applications. These were first used by people to buy things with Bitcoin, and to be able to store and access it along with other cryptocurrencies. We recommend OMINEX for any blockchain wallet or ICO direction, need, or resource.

In addition to many things and industries created by the blockchain, this created a huge need for compliance and identification and verification.  OMINEX is the leader in blockchain compliant solutions and user “wallet” for cryptocurrencies.

Blockchain details: Enhanced security

The security, validation and “Truth” offered by blockchain is revolutionary and necessary for total global solutions in all sectors. By storing data across its network instead of in one central location, the blockchain eliminates all of the risks.

The blockchain lacks centralized points of vulnerability that computer hackers can exploit, which is very relevant to our needs today.

Today’s internet has security problems that have plagued all of us. We all rely on the “username/password” system to protect our identity and assets online. Blockchain security methods use encryption technology.  Therefore Internet Security, along with almost all aspects of the Internet, have evolved with blockchain.

These methods of encryption are public and private “keys”. A public key is the user’s address. The “private key” is a password for owners to access their Bitcoin, other cryptocurrency, or other digital assets. When you store your data on the blockchain, it is incorruptible, although protecting your digital assets will also require safeguarding of your private key.

Methods for safeguarding include:

• Printing it out to create a paper wallet.
• Cold Storage Solutions.  For example, Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built in and secure recovery points. Click on the Image to order one today.

 

Blockchain details: A second-level network

With blockchain technology, the internet (web) benefits with a new layer of use

Hence, users can transact directly with one another — Bitcoin transactions in 2016 averaged over $200,000 US per day. New internet business are on track to completely disrupt the traditional institutions of finance because of the added security brought by the blockchain . Furthermore, if you want to really see how much it has grown (making the 2016 numbers look pathetic) go here for the latest in Market Cap (showing you the hundreds of Billions being traded in Bitcoin)

As published in 2017, Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions.  They say it could represent global savings of up to $6 Billion per year. Even Goldman Sachs has underestimated this incredible new world of blockchain, so don’t feel bad.

Feel like you are missing out? 

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This can be a lot to take in.  So we invite you to bookmark and come back for more information, or to review this information. There is nothing but growth and adventure for each of us to experience because the information provided will only increase your appreciation for this education on blockchain. Maybe you will be like the thousands of others who get information from our blog.  Be sure to subscribe to the right so you can be kept up to date with the new blockchain program, services and, most importantly, fun.

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