The Block Chain is a form of encryption used by Bitcoin. It
basically acts as a ledger for the electronic currency (five billion dollars or
equivalent if hacked). However, this form of encryption is impossible to
shut down as you would have to shut the internet itself down to do it.
And I am going to attempt to explain why and its other potential uses.
My understanding: So this software is shared between all the people who use
and operate with bitcoins. As such, it uses a near endless number of
computers to operate the system. So to actually hack the Block Chain,
which is already encrypted in the first place, you would need to hack every
computer associated with Bitcoin. The principle behind it is that this
decentralized approach protects the Bitcoin system and thus makes it impossible
to hack as you would need an almost equal amount of hackers to hack in.
So all that data is essentially safe.
Potential uses: The Block Chain works on the
understanding that encryption equals freedom. And the network of
computers that use it can actually send information in an untraceable and untraceable
way. This is because the decentralized network bounces the information
and shares it amongst all the users at once. As such, a person in the
most hostile dictatorship with the strictest form of censorship can upload data
on to the Block Chain and be safe from reprisals. All of this is due to
its decentralized nature. So China, North Korea, the United States and
others can no longer censor their people and the world can have whistleblowers
and activists speak without fear.
Conclusion: The Block Chains potential is
amazing. It can protect not just Bitcoins financial data, but all data
and make it impossible to steal. So I look forward to what impact this
technology will have on the future of the internet.
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