Correct your knowledge of blockchain technology

Correct your knowledge of blockchain technology

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Answer Correct your knowledge of blockchain technology

Blockchain technology, or what is called in Arabic the name of the block chain. It was initially devised to deal with the Bitcoin network, but research into the basics of the technology has revealed other great possibilities of blockchain technology.

Blockchain technology is a distributed database capable of keeping data completely secure and used to manage digital transactions including storage, authorization, and validation of these transactions in different industries.

Blockchain technology can be considered as a digital ledger, in which transactions are recorded without copying, and these transactions are distributed in more than one platform, and thus this method achieves a very high security rate, and on the other hand, the blockchain technology has eliminated the idea of ​​the need for an intermediary or a third party to complete transactions.

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On the other hand, it provides a factor of transparency in transactions, as each transaction is generally conducted in front of all participants, as the records that have been recorded are located on millions of computers, and are available to everyone if they wish to view them.

The resilience of blockchain technology

Since transaction data is actually located on millions of computers and not on a single computer, another advantage of the blockchain technology is that it is resilient and not exposed to failures, and it has become virtually impossible for operations to be affected by the failure of one of the devices.

Ensure transparency and avoid data manipulation

Transactions that occur within short periods of time are transparent because they are available to everyone, and therefore any attempt to manipulate this data will fail. In theory, the blockchain can be hacked by hacking all the devices on the network, but the practical and logical reality proves the impossibility of this happening, because that It requires massive computing power.

Blockchain technology applications

Due to the growing rates of use of blockchain technology in trading and the completion of transactions using digital currencies, user interfaces to deal with this technology have emerged that are very similar to the desktop interface and have also spread to what is known as decentralized applications (dApp).

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The most popular blockchain applications among users are digital currencies today, and these applications allow transactions such as transferring and storing money or purchasing via the Internet. There are also other applications such as the CarVertical project, which provides a service for storing vehicle data in a decentralized manner, and other various applications.

Blockchain technology supports the security factor and user identity

Hackers are taking advantage of the weak point of centralized platforms, which is online security. Which uses the password and username to maintain the security and confidentiality of the account holder’s data and to identify his identity, but the blockchain technology adopts a different method that relies on encryption.

Encryption depends on the presence of a long, randomly generated string of numbers called the public key, which represents the user’s address on the blockchain network, and the private key, which is similar to a password, in which the identity of the user is identified, which is the link for all transactions that It is done on the Internet, and therefore the development of the digital identity of the user, which is followed by the blockchain technology, makes it a complex process in the face of hacking and penetration attempts, which increases the security factor of financial transactions.

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