Blockchain and Decentralization: How Does It Relate? 5513 Views May 02, 2018
Welcome to the world of infinite possibilities. We are talking about ‘THE NEXT BIG THING’ in the world, Blockchain. You might have read numerous write-ups about Blockchain, what is Blockchain, how it works, how can you invest or trade, how can you do the transaction, and what not! No, this post is not going to explain anything like this. You will definitely enjoy reading this post as it is all about Blockchain exploration. That’s it. Whether you’re a technical, non-technical reader, business owner, or Blockchain enthusiast same like us, you will get to know the potential impact of Blockchain and cryptocurrencies that make sense at present. The blockchain is ready to disrupt the entire industry and payment system or, it is not an overrated statement if we say that Blockchain and cryptocurrencies have already disrupted the whole economy. Wait for a shot, entire decentralization is far away but, Blockchain has already started building decentralized networks across many industry verticals and larger communities.
The blockchain is no longer related to only Bitcoin, it is being explored to a great extent that can transform the underlying model of giving and taking. The aim of this post is not only explaining Blockchain but also current happenings, predictions, and real-time scenarios of the blockchain. People are still afraid using this advanced cryptocurrencies and many web giants have articulated the vulnerabilities using it. This is because wholly adoption of Blockchain may take some time. Cryptocurrencies have a long way to go for full adoption due to lack of awareness in terms of secure accessibility, improper knowledge, and lack of governance.
Decentralized Exchange Services: Is it Possible? What Do You Know About Decentralization And How It Is Related To Blockchain?To fully understand this scenario, please read it thoroughly. Blockchain works in a decentralized manner. Decentralization is not a new idea. You do not need to be in Silicon Valley or be a tech-enthusiast to understand these terminologies. You can find many things about Blockchain, Bitcoin, and other cryptocurrencies on the web with both, positive and negative point of views.
“Do you know that Bitcoin is the first Blockchain Application?”Let just put everything apart, let us tell you what decentralization is and why do you need to know how it is related to the blockchain. Decentralization simply means that no one entity can control over complete processing. Centralized, distributed, and decentralized networks are different concepts and blockchain has a base of decentralized networks. There’s no single point exists as all the nodes, computers, and logical storages spread out across different locations. This image helps you clearly identify what’s the difference between centralized, decentralized, and distributed.
(Image – perficient) Going little deep with the decentralized concept, here are some pros it offers: Zero probability of system failure: Due to many nodes and points of access, it is less likely to fail Attack resistance: Decentralized systems don’t have any central points and thus it is tough to destroy, attack, or manipulate a system. Less dependency on government administrative bodies: It eliminates the administrative bodies from whole transaction resulting in a synchronized, well-organized, and independent chain of transactions. However, Blockchain and its whole implementation may take a time. There are lots of organizations that are trying to integrate Blockchain technology at initial stages. When people read about Blockchain, they actually need to have a sound understanding of structure, implementation, and effects of it. The blockchain is a revolutionary concept and has potential to change the way we work and live. In this post, we highlighted the decentralized concept and blockchain. Stay connected for more such interesting posts and updates.
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