Operations based on majority control
What is blockchain? Mainly, just an accounting entry ledger of digital transactions shared between multiple stakeholders. It can only be updated by consensus between a majority of participants in the system. And, once entered, the information can never be overwritten.
Thus, the bitcoin blockchain contains a precise and verifiable ledger or record of every bitcoin transaction ever made. The underlying technology has nothing to do with crypto currencies (or Cryptos Monnaies) which are just an application of the technology!
The spectators who agree on the events of the blockchain are in reality “calculation nodes”, tens of thousands of computers geographically isolated from each other. The lie detector is in reality what we call a “proof of work”: an encrypted process, which proves that the opinion issued by the “calculation node” is the result of the correct calculation process, that a particular step has been respected, etc. It is a proof of work. To falsify events in the blockchain, it would be necessary to gather more than half of the knots and make them say the same thing, at the same time, without them having been able to coordinate beforehand.
The applications are potentially enormous.
This system allows people to know everything that is happening in the digital world with certainty. Today, every interaction you have online is based on a trusted central authority. No matter what you do online, you believe someone to tell you the truth – whether it’s your bank when it gives you your account statement, your email messaging service when it tells you that your message has been sent, or your antivirus software when it informs you that everything is under control.
A technology that promises to make digital secure
But there is always the risk, in reality, that one of the providers of information may lie, or simply be wrong. How do you know when you pay with your credit card online, by giving your information, that the merchant site is secure, that it doesn’t store your banking information and that it won’t be hacked later? You trust him to spend the money necessary to secure his site. Which is undoubtedly a little risky. That’s why Internet security is such a disaster; we rely on sources that can be hacked, manipulated or compromised. And increasingly, we rely on them to manage our most personal information and events in our lives.
The blockchain could remedy all these defects. With this technology, it becomes possible to create a real recording of events that have already been or are being written in the digital world. And this without compromising privacy. You can record the fact that the event took place, and even that it went well, without exposing confidential details about the subject or stakeholders involved.
Applications still to be developed.
But in the end, the positive here far exceeds the negative. For example, major and growing use of blockchain involves “smart contracts”.
You can rely on a decentralized network to automatically execute predefined conditions automatically, without revealing any confidential information about the stakeholders or the transaction. The Ethereum team has built a language that allows it. The implications for transparent and trusting deals are just enormous.
We can even see bigger: use the blockchain for medical data, votes, title deeds, marriage certificates, legal proceedings… In short, each data set and each digital transaction could leave a fingerprint, creating an audit of the path traveled by each digital event in history, without endangering the privacy of individuals. More on this page https://sites.google.com/view/crypto-monnaies