Buying in a blockchain environment: why is it safer?
This revolutionary technology is being implemented in virtually everything. It’s scalable, faster, and… safer than any other traditional method.
But why is blockchain so much safer than everything before it? Everybody knows that it is, but only a few are capable to explain exactly why.
Here are some reasons why blockchain is the future of the internet:
What is blockchain?
In short, it’s a technology that puts data inside “blocks”. Each block has a unique hash number and it’s directly connected to the previous block. These previous blocks can’t be changed, otherwise, the altered block would become automatically invalid.
Therefore, that’s why blockchain is so secure: data can’t be changed once it’s inserted within it. Banks are migrating their older systems to blockchain solutions and that makes everything cheaper, faster, and safer for everyone.
Since blockchain is decentralized and distributed, it’s impossible to hack a single part of it to gain total control over it.
To hack Bitcoin, for example, the user would have to make changes to EVERY block created since its first one (genesis block).
Private blockchains aren’t that safe, though: a limited number of nodes are running the network and it has a single point of control. That doesn’t mean, however, that private chains are bad; they’re simply not as robust as decentralized and distributed ones.
Oldest systems use cryptography to make sure that users’ data are stored away from digital criminals. But blockchain adds some additional layers to it that make things basically impossible to be invaded.
All blocks are protected by cryptography; if they’re compromised, they’ll be considered invalid and thus discarded.
Decentralized blockchains don’t have a single owner. The team responsible for maintaining it can be chosen by users through a consensus model. It can vary depending on the project.
Private blockchains, as you can imagine, are directly controlled by a selected group of individuals and their users can’t change them through voting or anything.
There’s no denial that blockchain is revolutionizing the whole digital industry: private or decentralized, all businesses learned that this technology is necessary to make the internet scalable, faster, and safer for everyone.
As time passes, more niches are adopting blockchain as its default tech. If yours isn’t inside of it yet, don’t worry — it’ll be arriving shortly.