What is blockchain and what is it for?

Jockharber EFollow

Aug 3, 20226 min de lectura

As we know, the blockchain has a close relationship with digital currencies and also with the digital markets of this era. It is basically a structure that stores in it an innumerable amount of codes.

Codes, all of which are unique and cannot be altered by any other person. Each code inserted in the structure is considered a block, which serves as a connection to another person.

Blockchain, what was it created for?

Blockchain was created with the purpose of making completely secure transactions, without having an intermediary such as traditional financial institutions.

Adding that it has a great security capacity, depending on what your electronic wallet has and each transaction can be reviewed at any time without any interference.

What is needed to enter the blockchain

The most necessary thing to be able to access the block chain is a Wallet, in its term it means a digital wallet. It is an application generally used on mobile phones, although in these cases it is also designed physically.

Since there, it stores the data of an encoding of all the digital income of the person, where it can also be managed for the distribution of its assets.

The Wallet is the main acquisition to access the blockchain, because it contains a public and private password. The private one is considered the unique encoding where it cannot be sent to any person.

And the public one is that encoding where it can be distributed to a person, to have a direct link and thus, provide you with a payment. Some Wallets have multifunctionality, the first ones that were created only had the operation of marking a single trait within the block chain.

All this has changed thanks to the accessibility of the digital market and the many improvements it has received with the ambition of new cryptocurrency developers.

The Wallet or digital wallet can be made up of numbers and letters in a maximum combination, determining unbreakable security. As long as this information is not given, since it would be the only way to steal your income saved in it.

But without Wallet it is impossible to access it, due to the fact that you would not have an address, nor would you be able to operate, nor be included in a market of this category.

Where is blockchain used

The blockchain has been known for its extreme security, low cadence of currency exchange rates, and the ease of gaining access to it. The blockchain can be used in any application that has the verification of some cryptocurrency.

Where users have managed to Redeem, operate and receive multiple payments by that means. This means that no public institution operates with this security network, since it does not request any type of documentation at the time of making a transfer.

That is why blockchain at the time of entry asks for certain types of documentation to know who is doing the transaction to avoid computer crimes.

However, over the years, many institutions, on a physical level, have set their sights on them. The latest and most growing news in the world was when the president of El Salvador exposed to his country a law where its inhabitants are allowed to operate under the blockchain.

And that it is completely legal to talk about the terms of bitcoin and its ways of obtaining money. That makes us think that in a very short time some countries will unify in the technological system of the block chain and end up accepting it.

But for the moment, it has not happened, so most of the time where the blockchain is used it is in applications, video games, pages and one or another company validated by this technology.

How the blockchain wallet works

The function counts at the time of creation, it is the storage of the data of the person who contains or wants to obtain digital currencies. It offers us a unique address in the world, as an ID of our country or in any case as a card.

This wallet offers you a space to house your assets, but it will not store them as such, so the company that provides the service will not have access to your income.

This gives us to understand that it does not even count as an intermediary, so it could be said that it is a path that only takes you to the shelter where your assets will be.

So only, the person will know where, how and when I save it, without the visualization of a third party. The best thing about this is that this wallet offers you the particularity of wanting to link it to any device you want. A physical Wallet or a mobile device.

As well as, you can do it on a computer, that gives us the idea of how safe and reliable it is when having a blockchain wallet.

What is blockchain for dummies

Yes, it is a bit difficult for you to understand this system, because I will explain it to you in a simpler way.

Blockchain transactions are so secure that only the transactions per second are really counted, but not who makes them.

It is a network where there is no type of intermediary, only observers who simply see how a currency moves from one place to another, without the users knowing the process of how they do it, already knowing that they cannot touch said currency.

This means that in each block innumerable transactions can be made, where the encodings are so fast and extensive that no machine has been able to decrypt them.

The only people who can know about this transaction, is who sends it and who receives it. Therefore, it is considered impossible to achieve the mathematical ability to interfere in a transaction.

The durability has been incredible, thanks to so many operations by users, it is possible to raise the price of cryptocurrencies.

For this reason, having a close relationship with the blockchain has become a boom, because they know that it is the best way to make money, save it and wait for a moment of growth to sell it.