Bitcoin Price, Buy, Faucet, Wallet, Tips and Tutorial

What is the Bitcoin blockchain?

While millions of people have heard about bitcoin and have a basic understanding on what it is, not many have heard about the blockchain, which is bitcoin’s underlying system.

To put things better into perspective, the blockchain represents a public ledger consisting of all bitcoin transactions that have been executed so far. As more transactions are processed, this public ledger continues to grow, as transaction blocks are added on it.

As bitcoin wouldn’t exist without this public ledger, the blockchain has been referred to as more important than bitcoin. Together with this, the ledger has also seen various technological innovations, as it can basically act as proof for any type of transactions.

In fact, during the last couple of months, businesses and financial institutions such as banks and stock exchange services have begun investing time and resources into the blockchain, to learn more about the platform. Some of its possible uses include the process of trading ownership once transactions are carried out in online marketplaces, file storage, identity management, but also voting, authentication and authorization of various processes. According to recent reports, the blockchain can also be used for stock transactions.
Usually, once a purchase is made, the transfer takes a couple of days before it’s validated. With the blockchain however, users can expect to have the property transfer validated in just a couple of minutes.

Thanks to all the uses that have been outlined so far, the blockchain surely represents one of the biggest financial advancements of our time. Not only will the system be mass-adopted, but it will also soon become the place to-go, whenever people have to authenticate, transfer ownership of various products, or access identity management services.
What do you personally think about the uses of the blockchain? Let us know your thoughts

Leave a Comment

Your email address will not be published.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

Menu Title