BlockchainTechnology

What is the blockchain?

How does blockchain work?

 

 

what is the blockchain?

 

how does the blockchain work?

 

Preface

If you have been following banking, investing, or cryptocurrency over the last ten years, you may be familiar with “blockchain,” the recordkeeping technology behind the Bitcoin network. And there’s a good chance that it only makes so much sense.

In trying to learn more about blockchain, you’ve probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger.”

Blockchain technology has been around for quite some time now, still actively being in the spotlight.

Even though there are some mixed feelings toward this technology, yet no one can entirely underestimate its role in the global economic landscape.

The technology first came into the spotlight through bitcoin, a much popular cryptocurrency.

Blockchain technology isn’t just a backup network for cryptocurrencies, but it offers a lot more.

So, The blockchain is a decentralized system, with no single entity controlling it

The servers keeping its backbone upright are scattered across the globe, and for that reason the technology is transparent; everyone can see its anonymized data.

It could also replace notaries, as every transaction is time-stamped automatically and receives a unique ID.

No exchange rates apply either, because cryptocurrencies are oblivious to borders.

And because there are no intermediaries involved, monies are transferred instantly.

This point came in the 2008 financial collapse.

Many banks, and Lehman Brothers, in particular, were guilty of excessive risk-taking which plunged the whole planet into the worst recession since the 1930s great depression.

Disillusioned by the centralized banking system, an anonymous person(s) named Satoshi Nakamoto came up with the idea of Bitcoin.

Bitcoin was the world’s first decentralized cryptocurrency which was powered by blockchain technology.

If you want to know Understanding of the blockchain, the following information

This is an inalienable right!

We need real information to trade, to learning, to education, transport, Buy And Sell, medical, and other Science.

In the first, I explain Property of the  blockchain.

 

 

1)        Decentralization

Decentralization is the process of distributing and dispersing power away from a central authority.

Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus.

There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system:

any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably hurts the entire system.

Bitcoin was designed as a decentralized alternative to government money and therefore doesn’t have any single point of failure, making it more resilient, efficient and democratic.

Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network’s many payment processors. Since Bitcoin’s appearance, many other cryptocurrencies, or altcoins, have appeared, and most of the times they also use the Blockchain to achieve some degree of decentralization.

This transformative process is expensive and decentralized.

 

 

Blockchain and Decentralization

To understand why the concept of decentralization and running a trustless system is important, you need to understand the relationship that we humans have had to trust since the beginning of time.

Our population exploded thanks to improved medical care in a large part and our businesses became a lot more complex.

As a result, we moved from trusting an individual, to trusting a centralized institute, like a bank. However, as time grew, these banks became more and more powerful.

With the number of responsibilities that these banks were dealing with a point had to come where they were going to fail so badly, that people would have to look for an alternative financial system.

It is a pretty simple concept.

All the records that are stored within the blockchain, isn’t saved inside one centralized storage unit.

Multiple computers are running within the network who own a copy of all the data in the blockchain.

This is why, whenever anything is updated in the blockchain, all the nodes in the network get notified of this at once.

This is what we mean by decentralization. There is no single source that is in charge of all the data anymore.

The network is decentralized, meaning it doesn’t have any governing authority or a single person looking after the framework.

Rather a group of nodes maintains the network, making it decentralized.

This is one of the key features of blockchain technology that works perfectly.

Let me make it simpler.

Blockchain puts us users in a straightforward position. As the system doesn’t require any governing authority, we can directly access it from the web and store our assets there.

You can store anything starting from cryptocurrencies, important documents, contracts or other valuable digital assets.

And with the help of blockchain, you’ll have direct control over them using your private key. So, you see the decentralized structure is giving the common people their power and rights back to their assets.

 

 

2)        Immutability

There are some exciting blockchain features, but among them “Immutability” is undoubtedly one of the key features of blockchain technology.

Instead of relying on centralized authorities, it ensures the blockchain features through a collection of nodes.

Every node on the system has a copy of the digital ledger.

Immutability means something that can’t be changed or altered.

This is one of the blockchain features that help to ensure that the technology will remain as it is – a permanent, unalterable network.

Instead of relying on centralized authorities, it ensures the blockchain features through a collection of nodes.

Every node on the system has a copy of the digital ledger.

To add a transaction every node needs to check its validity.

If the majority thinks it’s valid, then it’s added to the ledger.

This promotes transparency and makes it corruption-proof.

So, without the consent from the majority of nodes, no one can add any transaction blocks to the ledger.

Another fact, that backs up the blockchain features is that, once the transaction blocks get added to the ledger, no one can just go back and change it. Thus, any user on the network won’t be able to edit, delete or update it.

If businesses start to integrate blockchain technology to maintain their internal networking system, no one would be able to hack into it or alter or even steal information.

 

3)        Transparency

Public blockchains are a perfect example of this.

Everyone in the public blockchain can see the transactions, so it’ super transparent.

On the other hand, private or federated blockchain could be best for enterprises who want to remain transparent among staff and protect their sensitive information along the way from public view.

The decentralized nature of technology creates a transparent profile of every participant. Every change on the blockchain is viewable and makes it more concrete.

Through the necessary encryption and control mechanisms, blockchain safeguards transparency by storing information in such a way that it cannot be altered without recording the changes made.

Blockchain is supposed to be a transparency machine in which anyone can join the network and, as a result, view all information on that.

Through the necessary encryption and control mechanisms, blockchain safeguards transparency by storing information in such a way that it cannot be altered without recording the changes

Made. In a cryptographic way

The terms of every transaction, remain irrevocable, is open for inspection to everyone or authorized auditors in ways never witnessed before.

In the case of cryptocurrencies, the transparency of blockchain offers users an opportunity to look through the history of all transactions.

Blockchain could enable consumers to track anything across the supply chain and to know exactly what their food contains, whether it is organic and fair trade and whether the goods they buy are genuine or produced with respect for workers’ rights.

Via an audit log that is accessible through the government’s portal and secures their privacy, people can also track all government-related transactions that use their personal information.

As transparency is fundamentally concerned with the quality of being clear, obvious and understandable without doubt or ambiguity, improving accountability through blockchain will help us build an inclusive, transparent, and the accountable digital economy.

 

 

4)        Fully organized

It’s a combination of new technology with a fundamentally new organization model and we call it “blockchain organizing”.

When blockchain technology is combined with a fundamentally new organizational model, a disruptive way of organizing trust, our work, economy, and society will emerge.

This new way of organizing also means that the IT landscape, first design and architecture and after that also development and management, will fundamentally change.

Everything in the blockchain is fully organized, and as it doesn’t depend on human calculations it’s highly fault-tolerant. So, accidental failures of this system are not a usual output.

It’s a combination of new technology with a fundamentally new organization model and we call it “blockchain organizing”.

When blockchain technology is combined with a fundamentally new organizational model, a disruptive way of organizing trust, our work, economy, and society will emerge.

This new way of organizing also means that the IT landscape, first design and architecture and after that also development and management, will fundamentally change.

The World Economic Forum has identified blockchain as one of the megatrends.

Their research shows that in 2025, 10% of the GDP will be stored in a blockchain or with blockchain-related technology (see: World Economic Forum report, from the Global Agenda Council on the Future of Software & Society: ‘Deep Shift, Technology Tipping Points and Societal Impact’, September 2015).

Probably more than half of the people in western societies are occupied by the so-called ‘trust-industry’.

We need blockchain in all of the Industries.

Blockchain organizing is seen as a combination of new technologies and a new organizational model that enables us to organize transactions between supply and demand almost without any transaction costs.

And that is the basis for a successful organization form that will survive the next decades.

 

5)        User Control

Blockchain Access Control Technology

Blockchain technology has proven to be incorruptible and highly transparent. It provides end-to-end security and encryption thanks to being decentralized.

Because of its distributed nature, blockchain eliminates the risk of human errors and safeguards against hacker attacks.

All this is of paramount importance when it comes to Access Control, and especially Access Control as a Service.

In other words, With decentralization, users now have control over their properties.

They don’t have to rely on any third party to maintain their assets. All of them can do it simultaneously by themselves.

Regular Access Control technology presupposes that all the information is stored on a server, where all the processed data is centralized.

This means providers might gain unauthorized access to the data and control operations of their client devices.

Click here for an unauthorized access example.

Thus, when outsourcing your company’s security to a third party, you have to put a lot of trust in them.

By implementing blockchain access control the above-mentioned threats are eliminated.

All the information is distributed within a network of nodes and is not stored at one or a few servers.

All the end devices act autonomously.

Moreover, an end-user should be able to choose which personal data to share on the network.  Last but not least, blockchain access control technology is cheaper to run than a cloud-based back-end server.

 

6)        Security

As decentralized is one of the keys

Features of blockchain technology, it can survive any malicious attack.

This is because attacking the system is more expensive for hackers and not an easy solution. So, it’s less likely to breakdown.

As the system runs on algorithms, there is no chance for people to scam you out of anything. No can utilize blockchain for their gains.

This nature of the system makes it a unique kind of system for every kind of people.

And hackers will have a hard time cracking it.

Added with decentralization, cryptography lays another layer of protection for users. Cryptography is a rather complex mathematical algorithm that acts as a firewall for attacks.

Every information on the blockchain is hashed cryptographically.

In simple terms, the information on the network hides the true nature of the data.

In this process, any input data gets through a mathematical algorithm that produces a different kind of value, but the length is always fixed.

 

7)        No Third-Party

The decentralized nature of the technology makes it a system that doesn’t rely on third-party companies; No third-party, no added risk.

Blockchain-based transactions are trusted as there is no third party involved between two people who are transacting the asset

That is the sender directly sends it to the receiver, or rather can directly send it to the receiver.

For this, they can create a transaction and post it on the Blockchain.

In another word, in the transaction, we need the bank, but when we have blockchain, the third party does not exist.

But now blockchain technologies are not limited to currency exchanges.

Blockchain technologies are being used to solve problems in all other fields.

And they have simply borrowed this definition from Bitcoin transactions, trust-less trust and no third party involvement.

In the Blockchain-based applications, even though they say it’s trust-less, one has to trust to some extent the company which developed the interface and the DAPP.

There are coin exchanges which overcharge people for the transaction and that’s where their margins come from.

So they transfer your crypto-currency and take a commission on top of the transaction fees that you had to pay.

 

 

8)        Distributed

A distributed ledger is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.

There is no central administrator or centralized data storage.

A blockchain is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.

Blockchain is a distributed network that might have millions of users all around the world. Each user can add information to the Blockchain and all data in the blockchain is secured by cryptography.

Another member of the network is responsible for verifying that the data inserted in the blockchain are real or not.

It is done by using a system of three keys i.e., Public, private, and receiver’s key that enables members to check the accuracy of the data and also confirms from where does it come.

 

9)        Several blocks

A blockchain is a continuous line of data “blocks.” Think of a single block in blockchain as a digital Lego piece and the organization using it as a kid’s daycare place.

The Lego piece is available for use to everyone for whatever they want to create. It is ever-present and ever-useful.

It is accessible. The Lego piece can be attached to other Lego pieces to create masterpieces of art.

So, compile the above, we conclude the Blockchain is a distributed network that might have millions of users all around the world.

Each user can add information to the Blockchain and all data in the blockchain is secured by cryptography.

Another member of the network is responsible for verifying that the data inserted in the blockchain are real or not.

It is done by using a system of three keys i.e., Public, private, and receiver’s key that enables members to check the accuracy of the data and also confirms from where does it come.

blockchain users are also able to store all the data in their network on their computer system. It results in two things.

Firstly, they can earn more money for giving their extra storage space and, secondly, they assure that the chain will not collapse.

Like for instance, if a hacker attempts to tamper with a block, the entire system will analyze every single block of data to find that one block which differs from the rest.

If the system detects such a block, it only excludes it from the chain and identifies it as false.

Blockchain technology is designed in a way that there is no primary storage location.

Every user present on the network plays an essential role in storing some or all of the blockchain.

Everyone is solely responsible for verifying the data that is stored or shared to assure that the fake data can’t be added and any of the existing data cannot be removed.

 

10)      Needed by all sciences

The greatest threat faced by the modern world is a lack of privacy

For example, Facebook is almost constantly under fire and Google has followed right behind on a breadcrumb-scattered trail of lawsuits.

Blockchain can destroy and recreate the desolate system.

Systems that harm human society.

They are powerful and Exclusive and hide Real information.

They present fake information to the people Because of their personal goals and profits!

They are Incomplete, not transparent, However, this brings us to the greatest chink in blockchain’s armour: This transformative process is expensive and decentralized.

Hate it if you want, but a decentralized system is hard to control.

Decentralizing banks mean facilitating illegal activities like money laundering, illegal purchases and so on. It is never a good thing.

 

11)      Unlimited access to data

Imagine that you want to know what your cereal contains.

No more secrecy, the answer is right there in your data store.

A simple search and you know that Supply chains, fair trade and ethical consumerism are attractive opportunities.

Blockchain can create an online utopia if done right. The access to information is an interesting prospect.

An app, Widgets and plugins would be available in the form of the universally available data blocks.

Adapting to new changes becomes easier.

This can be similarly applied to any business process. There can potentially be blockchains for everything.

 

12)      maintaining freedom of the press

Imagine voting anonymously, with governments and candidates not knowing who’s voting who. It is a wonderful thing. Similarly,

Maintaining freedom of the press in sensitive areas becomes easier.

Anonymity is what made the internet popular, and it is likely to take it ahead.

 

13)      Cost Reductions

Typically, consumers pay a bank to verify a transaction, a notary signing a document, or a minister to perform a marriage.

Blockchain eliminates the need for third-party verification and, with it, their associated costs.

Business owners incur a small fee whenever they accept payments using credit cards, for example, because banks have to process those transactions.

Bitcoin, on the other hand, does not have a central authority and has virtually no transaction fees.

 

 

14)      Efficient Transactions

Transactions placed through a central authority can take up to a few days to settle.

Whereas financial institutions operate during business hours, five days a week, blockchain is working 24 hours a day, seven days a week.

Transactions can be completed in about ten minutes and can be considered secure after just a few hours.

This is particularly useful for cross-border trades, which usually take much longer because of the time-zone issues and the fact that all parties must confirm payment processing.

 

15)      Private and Secure transactions

Many blockchain networks operate as public databases, meaning that anyone with an internet connection can view a list of the network’s transaction history.

Although users can access details about transactions, they cannot access identifying information about the users making those transactions.

It is a common misperception that blockchain networks like bitcoin are anonymous, when in fact they are only confidential.

That is, when a user makes public transactions, their unique code called a public key, is recorded on the blockchain, rather than their personal information.

Although a person’s identity is still linked to their blockchain address, this prevents hackers from obtaining a user’s personal information, as can occur when a bank is hacked.

Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands or even millions of computers on the blockchain rush to confirm that the details of the purchase are correct.

After a computer has validated the transaction, it is added to the blockchain in the form of a block.

Each block on the blockchain contains its unique hash, along with the unique hash of the block before it.

When the information on a block is edited in any way, that block’s hash code changes—however, the hash code on the block after it would not.

This discrepancy makes it extremely difficult for information on the blockchain to be changed without notice.

 

16)      Digital ledger system

Blockchain is a comprehensive, up-to-date, digital ledger system that can record financial transactions to ownership of physical assets.

Every record is encrypted and time-stamped. What makes blockchain so useful is the immutability, transparency and decentralization of it.

The stored data cannot be changed or deleted.

Blockchain technology has the potential to radically alter the way people have executed wills for centuries.

W harmful use of digital technology in everyday communications has led to several notable cases in which individuals have attempted to execute wills electronically.

These wills have had a mixed reception.

Four states currently recognize electronic wills and the Uniform Law Commission has approved an Electronic Wills Act model.

By demonstrating how blockchain could make wills cheaper to prepare and less susceptible to tampering, this research also points to multiple other uses for blockchain in the legal profession, including the authentication of ownership chain, recordkeeping and drafting of all kinds.

Even though lawyers have been slow to harness blockchain’s potential, the technology holds the promise to transform the practice of law into a form that will be unrecognizable to today’s lawyers.

 

17)      blockchain data structure

The blockchain data structure is explained as a back-linked record of blocks of transactions, which is ordered. It can be saved as a file or in a plain database.

Each block can be recognized by a hash, created utilizing the SHA256 cryptographic hash algorithm on the header of the block.

Each block mentions a former block, also identified as the parent block, in the “previous block hash” field.

In another word, the data structure is a back-linked list of blocks of transactions, which is ordered. It can be stored as a flat file or in a simple database.

Each block is identified by a hash, generated using the SHA256 cryptographic hash algorithm on the header of the block.

 

 

18)      Blockchain’s data integrity

Blockchain is an ingenious solution that enables secure peer-to-peer networking via distributed ledger and smart contracts.

The potential benefits of the technology are still unclear, but experts believe that it can change business operations in ways we have never seen before.

The technology uses a series of blocks for storing data and each block holds the hash of the previous block.

Constituents have to use the hash to make changes to the data. Changing the hash of one block automatically changes the hash of all blocks.

It is nearly impossible to breach blockchain as a third party needs to change all hashes for accessing data in blocks.

Blockchain’s data integrity makes it so that everyone is responsible. So, if one part of the network messes up, everyone is compromised.

Merkle Tree ensures the integrity of data in the Blockchain.

Merkle Tree is a data structure used by several Blockchains. Every block stores all the transaction data it has in the form of a Merkle tree.

It is theoretically possible to make a Blockchain without Merkle trees.

You could simply create giant block headers that directly contain every transaction. But doing so would pose huge scalability challenges.

To summarise, a hash of all the transactions in a block is stored in the Merkle tree.

So when a node wants to verify if any transaction is changed, the node will only have to build the Merkle tree using all the transactions of the block.

This makes it very simple to validate or invalidate a transaction. Thus, the Merkle tree helps maintain security in Blockchain.

Similarly, stock market firms are using blockchain for insane investment schemes with unrealistic returns.

This can lead to massive stock market crashes and overvaluation of stock to unprecedented levels.

 

19)      The Block Identifiers

Block Header Hash (cryptographic hash): There are two ways the blocks can be identified.

These are cryptographic hash and block height.

The primitive (The primary identifier of a block) identifier of a block is its cryptographic hash.

It is also known as a digital fingerprint which is built by hashing the block header twice through the SHA256 algorithm.

The resulting 32-byte hash is described as the block hash but is more precisely the block header hash because is utilized to calculate it.

Block height: Another way to recognize a block is by its location in the blockchain.

This is described as the block height.

The first block created is at block height 0 (zero) and is the same block that was earlier cited by the next block hash is.

 

20)      Genesis Block

The first block in the blockchain is known as the genesis block.

This was built in the year 2009. It is the universal parent of all the blocks in the blockchain.

In other words, if people begin at any block and watch the chain counterclockwise, then they will ultimately come at the genesis block.

This is block is the first block in any blockchain-based protocol.

It is the foundation on which additional blocks are sequentially added to form a chain of blocks, resulting in the term, blockchain being coined.

The genesis block is also referred to as block zero.

Every node perpetually begins with a blockchain of at least one block because the genesis block cannot be modified.

Every node always recognizes the genesis block’s hash and structure. It also recognizes its fixed time when it was created and even its single transaction.

Thus, every node has the starting point for the blockchain, a secure “root” from which to build a trusted blockchain.

 

Blockchain

If this technology is so complex, why call it “blockchain?” At its most basic level, blockchain is just a chain of blocks, but not in the traditional sense of those words.

When we say the words “block” and “chain” in this context, we are talking about digital information (the “block”) stored in a public database (the “chain”).

“Blocks” on the blockchain are made up of digital pieces of information.

Specifically, they have three parts:

1-  Information about transactions

Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase.

2-   Information of the parties to the transaction

Blocks store information about who is participating in transactions.

3- Each block store a unique code called a “hash” that allows us to tell it apart from every other block.

Hashes are cryptographic codes created by special algorithms.

A single block on the Bitcoin blockchain can store up to 1 MB of data.

Depending on the size of the transactions, that means a single block can house a few thousand transactions under one roof.

 

How does Blockchain Work?

When a block stores new data it is added to the blockchain.

Blockchain, as its name suggests, consists of multiple blocks strung together.

For a block to be added to the blockchain, however, five things must happen:

  • Occur a transaction:

As we discussed above, in many cases a block will group potentially thousands of transactions, so your purchase will be packaged in the block along with other users’ transaction information as well.

  •  Verify the transaction

After making that purchase, your transaction must be verified. With other public records of information, like the Securities Exchange Commission, Wikipedia, or your local library, there’s someone in charge of vetting new data entries.

With a blockchain, however, that job is left up to a network of computers.

When you make your purchase, that network of computers rushes to check that your transaction happened in the way you said it did.

That is, they confirm the details of the purchase, including the transaction’s time, dollar amount, and participants.

(More on how this happens in a second.)

  • Store the transaction in the block

After your transaction has been verified as accurate, it gets the green light.

The transaction dollar amount, your digital signature, and your digital signature are all stored in a block. There, the transaction will likely join hundreds, or thousands, of others like it.

  • Give a hash

That block must be given a hash.

Once all of a block’s transactions have been verified, it must be given a unique, identifying code called a hash.

The block is also given the hash of the most recent block added to the blockchain.

Once hashed, the block can be added to the blockchain.

  • Access

When that new block is added to the blockchain, it becomes publicly available for anyone to view—even you.

If you take a look at Bitcoin’s blockchain, you will see that you have access to transaction data, along with information about when (“Time”), where (“Height”), and by who the block was added to the blockchain.

 

 

Private and Secure transactions

Anyone can view the contents of the blockchain, but users can also opt to connect their computers to the blockchain network as nodes.

In doing so, their computer receives a copy of the blockchain that is updated automatically whenever a new block is added, sort of like a Facebook News Feed that gives a live update whenever a new status is posted.

Each computer on the blockchain network has its copy of the blockchain, which means that there are thousands, or in the case of Bitcoin, millions of copies of the same blockchain.

Although each copy of the blockchain is identical, spreading that information across a network of computers makes the information more difficult to manipulate.

With a blockchain, there isn’t a single, definitive account of events that can be manipulated. Instead, a hacker would need to manipulate every copy of the blockchain on the network.

This is what is meant by the blockchain is a “distributed” ledger.

Looking over the Bitcoin blockchain, however, you will notice that you do not have access to identifying information about the users making transactions.

Although transactions on the blockchain are not completely anonymous, personal information about users is limited to their digital signature or username.

Many blockchain networks operate as public databases, meaning that anyone with an internet connection can view a list of the network’s transaction history.

Although users can access details about transactions, they cannot access identifying information about the users making those transactions.

It is a common misperception that blockchain networks like bitcoin are anonymous, when in fact they are only confidential.

That is, when a user makes public transactions, their unique code called a public key, is recorded on the blockchain, rather than their personal information.

Although a person’s identity is still linked to their blockchain address, this prevents hackers from obtaining a user’s personal information, as can occur when a bank is hacked.

Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands or even millions of computers on the blockchain rush to confirm that the details of the purchase are correct.

After a computer has validated the transaction, it is added to the blockchain in the form of a block.

Each block on the blockchain contains its unique hash, along with the unique hash of the block before it.

When the information on a block is edited in any way, that block’s hash code changes—however, the hash code on the block after it would not.

This discrepancy makes it extremely difficult for information on the blockchain to be changed without notice.

It is interesting to know about the criticisms of blockchain.

 

 

CONCLUSION

Blockchain technology is a new tool for authentication and legal restrictions in the digital world that we can destroy and use to manage and manage.

As a result, China’s blockchain technology has a new digital responsibility.

Blockchain is a better, safer way to record the activity and keep the data fresh while maintaining a record of its history.

The data can’t be corrupted by anyone or accidentally deleted, and you benefit from both a historical trail of data, plus an instantly up-to-date record.

Data stored in the blockchain is immutable and cannot be changed easily as explained above.

Also, the data is added to the block after it is approved by everyone in the network and thus allowing secure transactions.

Those who validate the transactions and add them in the block are called miners.

If we keep organizing trust, our work, and economy with our differences as a starting point, we’ll proceed in making our world more complex.

Our productivity growth will not keep up with our cost growth. And that doesn’t make any sense.

IT service management (ITSM) can be an important partner in improving productivity and privacy. ITSM can help to make the world less complex, and less frightening for a lot of people. What we need is new hope and a new trust that we, as human beings, are capable of solving the problems that we created ourselves.

That’s why the blockchain made perfect sense for financial transactions — starting with Bitcoin — and will always be tied to some kind of financial reward.

Immutability is one of the strengths of Blockchain, but it is not without its cost — it is what makes the data storage so large, and everyone must have a copy.

 

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