Block Chain Security is the security system behind modern cryptocurrencies. However, it can also be used for other security purposes.
“At its core, blockchain is a distributed digital ledger that stores data of any kind. A blockchain can record information about cryptocurrency transactions, NFT ownership or DeFi smart contracts. While any conventional database can store this sort of information, blockchain is unique in that it’s totally decentralized. Rather than being maintained in one location, by a centralized administrator—think of an Excel spreadsheet or a bank database—many identical copies of a blockchain database are held on multiple computers spread out across a network. These individual computers are referred to as nodes.” (Forbes).
The name Block Chain refers to how the system functions, meaning how it stores data.
“The name blockchain is hardly accidental: The digital ledger is often described as a “chain” that’s made up of individual “blocks” of data. As fresh data is periodically added to the network, a new “block” is created and attached to the “chain.” This involves all nodes updating their version of the blockchain ledger to be identical.” (Forbes).
Cryptocurrency blockchain security is prevalent and could inspire a rise in the use of blockchain.
“The most common use of blockchain today is as the backbone of cryptocurrencies, like Bitcoin or Ethereum. When people buy, exchange or spend cryptocurrency, the transactions are recorded on a blockchain. The more people use cryptocurrency, the more widespread blockchain could become.” (Forbes).
Most recently, Queen Elizabeth II of Great Britain investigated blockchain technology.
“According to a 2020 Financial Times report, when the queen got a journal, ‘The world's first peer-reviewed, scientific blockchain journal’ from the British Blockchain Association, she felt delighted after reading the contents such as ‘Gender Change Information, Blockchain, and GDPR’ and ‘Prefigurative Post-politics and Government Led Blockchain Projects’.” (India Today).
This is especially impactful as cryptocurrency, and therefore blockchain itself, will bec ome more popular if it inspires other administrations to adopt blockchain security.
“In an interview with CNBC, Prince Alois expressed interest in the potential applications of blockchain, the ledger technology that powers Bitcoin, for streamlining national administrative procedures.
‘Blockchain will change a lot of things. It could even help make our state more efficient the way it is administered’, said Liechtenstein’s Crown Prince.” (India Today).
There are some setbacks to blockchain security that could hinder its growth such as risks of asset loss, transaction limits, and costs. However, according to Forbes, the risk is worth taking, and level of security is worth the funding.
“Hurdles remain, especially with the transaction limits and energy costs, but for investors who see the potential of the technology, blockchain-based investments may be a bet worth taking.” (Forbes).
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Sources:
Forbes. https://www.forbes.com/advisor/in/investing/cryptocurrency/what-is-blockchain/
