Blockchain is often associated with bitcoin and other cryptocurrencies, but it’s just a part of it. There is a lot more to it, that many believe blockchain is the greatest breakthrough in technology. It could transform many industries, from manufacturing to e-commerce, just about any important industries that will utilize the blockchain technology can hugely benefit from it but first, let’s define blockchain technology.
What is blockchain technology?
Blockchain technology seems to sound a little too complicated when you dig into the nitty-gritty, but the basic idea isn’t really hard to understand. It’s a database that is validated by a wide community of people rather than a central authority like a bank, a company, or a government. The community oversees and maintains all records within the database without the governance of a single entity, which most likely is using just a single server. A block represents several recorded transactions, and the chain connects them with a hash function. It doesn’t use a single server or a single computer, so to speak. All records are confirmed by a distributed network of computers, which are then partnered with the previous entries in the chain, thereby creating a chain of blocks or a blockchain.
Why is blockchain a great technology?
There are countless reasons why blockchain can be considered a great technology, but here’s a compilation of the best reasons.
- Since it has been invented by Satoshi Nakamoto back in 2009, blockchain technology has proven that it’s a tried and true means of ensuring the integrity of the transactions and communications. It uses powerful cryptography to provide the ownership of an address and assets to the individuals within the network through a blend of public and private keys. This makes the transactions, and even the identity of the users fully secure and too far hard to compromise.
- Due to the decentralized structure of bitcoin technology run in a peer-to-peer network, there is no issue of trust. In a centralized system, a bank, for example, trust boils down to proving one’s identity and proving authorizations. This does not happen in a decentralized system as the authentication requirement is fulfilled by private key cryptography. There is also no requirement to share any personal information to fulfill a transaction leaving no opportunity of interruption or corruption of data.
- Blockchain is in essence, not a new technology. It is combination of tried and tested technologies – the internet, cryptography, and protocol governing incentivization. This is why the idea of Satoshi Nakamoto is very valuable, then, now, and in the future. Blockchain is a representation of great innovation in information, registration, and distribution that removes the need for a third party, to enable the exchange of transactions and communications. Overall, we can say that indeed, blockchain is the greatest breakthrough in digital technology.
Why is Virie the ultimate advancement in blockchain technology?
The developers of Virie Market has adapted the structure of blockchain technology and combined it with modern cryptography, which resulted in the creation of the first and only blockchain product that is useful and ready to use by anybody. The Virie Market is a unique platform of a decentralized virtual marketplace (Distributed Exchange Network). It allows users to publish offers of goods and services that are all available for searching and viewing. Any user can publish offers and respond to any other offers posted on the platform. The Virie Market is also a currency exchange platform that allows trading of any currencies for both fiat and cryptocurrencies. It also has its financial instrument simply called Virie (VRE) which is, designed to be universally used in every transaction in the market. Everything is convertible to Virie, and Virie is convertible to everything. All these were made possible due to the advancement of blockchain technology. Now, anyone from any part of the world can freely use the most user-friendly platform of Virie to do trading, and even mining of coins, without any hassle. The blockchain processes in as fast as 5 to 15 minutes, and protects them. Truly, Virie Market is the ultimate advancement in blockchain technology. Download it here and see for yourself.