Do You Really Know How Blockchain Works?

Okay, so what is blockchain?

Blockchain is essentially a database, where information can be added but not removed.

Ah. So, why is this better than banks

Well, for a few reasons.

Got it. How do I control my personal info?

Easy. You are given a private key, which is like a long password. This gives you access to your own digital wallet, where your personal data is stored. You can keep a whole range of things here — everything from cryptocoins to health and property details. You know your private key is super-secure. It can’t be hacked because it’s not stored on a central server, as Google and Facebook are.

Right. How about distributed ledger technologies then?

Distributed ledger technologies (DLT) encompass a whole group of technologies, including blockchain. Other types include:

Cryptocurrencies

Digital coins native to blockchain, they were first deployed to reward users for keeping the network secure.

Tokens

Digital assets quick to create, they ride on top of the existing blockchain.

Smart contracts

These virtual contracts are executed more quickly and cheaply than traditional contracts.

Digital assets

Real-world assets can be digitised on the blockchain.

Internet of Things (IoT)

Blockchain can automate and assist processes within the growing network of internet-enabled devices.

Digital identity

Blockchains offer safer, more secure storage of personal information.

Supply chain management

While blockchain was originally public, companies are now starting to privatise their own blockchains.

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Cult Today

Cult Today

CULT is Crypto Urban Libertarian Thought. Thousands of projects around the world are emerging to take back data from big corporates, bank the world’s poor and r