Blockchain technology in solving various tasks
Almost ten years ago mankind first found out about the existence of the blockchain, which has been the object of close observation since that time. It is known to everyone that the social-media platform GOLOS is built on the base of blockchain, but not everyone understands what it is and what functions it performs to form various projects.
The easiest way is to imagine blockchain in the form of a continuous sequential chain of blocks that are designed to store data or a digital register of transactions, deals, contracts. The presented technology can be called a digital distributed journal of economic transactions which all records of financial transactions or simply data having a certain value are entered into at the program level. You can store anything you want in the blockchain, for example, data on property rights, issued loans, violations of traffic rules and even about marriage.
One definition is not enough to understand how the famous technology works. Just imagine, it is spread between several hundreds and even thousands of computers that are located in different parts of the world. And absolutely every participant of this chain has free access to the current version of the registry, which makes the blockchain transparent for all its participants.
All digital records are combined into blocks, which are the links of this chain, chronologically combined with complex mathematical algorithmic codes. All blocks are connected to the "neighboring" one, and the new ones are added only to the end of the chain. You can not fake the stored data.
Let's take functioning of the blockchain on cryptocurrency as an example:
object A wants to make a money transfer to object B;
transactions are transferred to the network and combined into "blocks", each number and hash of the previous "block";
blocks are sent to all participants of the system for verification;
if there are no errors, each participant adds a "block" to his database copy;
now the "block" can be added to the "chain of blocks", which contains information about all previous transactions;
money is transferred from A to B.
Why do we need blockchain?
Due to its capabilities and advantages, blockchain technology is attractive for many companies operating in various fields. Nowadays a lot of extensions have been developed, which are adapted to be implemented in business offers based on blockchain, which can provide:
secure network administration, excluding hacking and removing problems associated with the "single administrator";
storage of digital certificates, fully ensuring the security of users' access to sites;
security bilateral transactions that will not need to involve a third party (lawyers, notaries, banks and others);
fixing the time of placement of documents that provides an opportunity to solve problems of patenting, copyright and others;
confirmation that products or goods are genuine due to a secure certificate;
confirmation of any property rights;
creation of public digital business cards with information that is automatically updated;
a DNS system that is immune to DDOS attacks and other things.
As you can see, blockchain technology is capable of solving problems of a different nature. There are many projects that use the presented technology, because it allows you to find answers to questions which frequently occur in real life:
As you can see, blockchain is very multifunctional, even though it is at an early stage of development. Despite this, many promising start-ups have already been created. Also, the project SELFLLERY is based on the blockchain technology. It's a unique platform which makes it possible for the photos to be not only aesthetically pleasing, but also beneficial.
SELFLLERY - more than photography!
Join Token Generation Event (TGE).
Starts on 5th of March, 2018, at 12:00 (UTC +03:00),
ends on 26th of March, 2018, at 12:00 (UTC +03:00).
If you have any questions about the project, we are ready to answer in our telegram chat.
For more information, read on our pages:
Token generation event: our website
Website project: SELFLLERY
Welcome to our chat:
Telegram Chat EN
Telegram Chat RU