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The world is changing and here are some details and information that everyone needs to know and understand about BlockChain. We’ve compiled some useful information that can help you with understanding this system. With so much information available on the internet, it can be hard to know which one will be the best fit for your organization.

First things first, the blockchain is simply an incorruptible digital record-keeper. It will record all financial transactions and anything of value.

WAIT – Let’s make that more simplified for you.  Blockchain Details Broken Out in Simplicity:

• The blockchain is like a huge, global, decentralized spreadsheet.
• In the case of Coins/Cryptocurrency; it can and will track the balance of every account.
• Information maintained by thousands of users around the world. Who use “special equipment” (high powered and uniquely configured) computers.
• The blocks within the blockchain but made up of individual transactions, thats sent and received throughout the system. Transactions like OMINEX, MyEtherWallet, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else recorded and tracked.
• When someone accesses their Cryptocurrency Balances on Ominex.comor any other Blockchain Wallet. They can view their transactions on various sources like etherscan.etc., They are seeing data on the blockchain, not in any one personal system.

More details and Benefits to all of us:

The system will (decentralized) bring everyone to a higher level of accountability. Resulting in:

• Put an end to missed or corrupted transactions.
• Stop human and machine errors. No more corrupt or broken databases.
• Put an end to transactions and exchange errors done without the consent of the parties involved.
• The blockchain can guarantee the validity of all transactions by recording each transaction.
• All connected through a secure validation protocol.

Blockchain technology referred to best by considering its Internet 3.0.  (Evolution of the Internet – better – safer – truth).

Blockchain is an awesome and ingenious design, the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since that time, it has developed into something much greater.

Therefore, the details of what blockchain has become are more clear. But, the digital information on the blockchain distributed but not copied. Doing this creates an endless constantly updated and accessible database. Therefore, this technology has created what is being called the backbone of a new type of internet. This is the internet evolving into what will become a better platform for everyone. Originally created for digital currency, Bitcoin. This new technology community is now finding a wide range of uses for this new technology. Think back and remember how the internet changed commerce and the way we communicate. Blockchain will revolutionize what we know as the internet.

Due to the recent creation and proof of Bitcoin and the creation of the blockchain, Bitcoin is now “digital gold.” The total value of the bitcoin currency is close to $350 billion in the US. And it will not stop there because as blockchains evolve it can make other types of digital value.

Blockchain details do not need to be fully understood to be used by us all:

As the internet was (before blockchain) or your smartphone, computers, or your car; you do not need to know everything about how the blockchain works in order to use it. However, having a basic knowledge of this new technology will help you understand why it’s being considered the revolution of the internet.

A distributed database – let us explain the blockchain details even more:

In a very simplified model, imagine a spreadsheet that’s shared thousands of times over a large network of computers. Then imagine that whenever a safe, secured and validated truth of any update is processed, this network is automatically designed to update the information on the spreadsheet.  If you can grasp this idea, then you will have a basic description and understanding of blockchain. Some of the benefits of this process and function are:

• Information that’s held on a blockchain is shared, and continually verified and updating the database.
• The blockchain database isn’t stored in any single location. this means the records that it keeps are truly public and easily verifiable.
• There is no centralized system that stores this information for a hacker to corrupt.
• This information is hosted by millions of computers simultaneously, allowing the data accessible to anyone on the internet.
• Ultimate Security and Transparency.  Truth.

Blockchain Details: Durability and robustness

Blockchain technology is similar to the internet in that it has a built-in robustness. The blockchain allows blocks of information to be stored identical throughout the network, therefore, the blockchain cannot:

1. Be controlled by any single entity.
2. Has no single point of failure.
3. Be corrupted or embezzled.

Blockchain details from the history of its Invention/Creation:

Bitcoin became available in 2008. And since that time the Bitcoin blockchain has operated without any significant disruption. (To date, all the problems associated with Bitcoin have been due to hacking and mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying system or concepts.)

The internet itself has proven to be durable for well over 40 years.  This is a track record that bodes well for blockchain technology as it continues to be developed and deployed for all uses and solutions for the Global Community we all live and work in.

Blockchain details on being Transparent and incorruptible

The blockchain network and system live in a state of constant consensus.  Therefore, it is one constant consensus that automatically checks in with itself every ten minutes.  This is a self-auditing system of digital values. The network will reconcile every transaction that happens within ten-minute intervals. Each one of these groups of transactions is referred to as a “block”. And ss a result, There are two very important properties created by blockchain:

1. Transparency is design onto the system and the network so, by definition it is public.
2. To alter any unit of information would mean using a huge amount of computing power to override the entire network. Something that is virtually impossible and becoming a larger and larger barrier constantly.*

*In theory, it could be possible. In practice, it’s unlikely to happen. therefore, taking control of the system to capture Bitcoins. Would also cause the value to be destroyed.A

A network of computing “nodes” make up the blockchain.

Together they create a powerful second-level network, a wholly different vision for how the internet can function.

Nodes and their role in the first blockchain example: bitcoin.

Every node is an “administrator” and each node participates in the network. for the chance to win Bitcoins providing proof of work, and then creating the minted blockchain of information and being rewarded a specific amount of bitcoins.

The internet was once just a format to share “emails” and information but grew to become a massive forum for commerce, and jobs. The internet revolutionized an industry.  Therefore, as a result of the blockchain its already starting to happen again. Evolving to the next level of technology based on decentralized solutions and “truth” of transparency.

There is a growing number of Bitcoin-like cryptocurrencies ( with exchangeable value tokens ) that’s already available. In addition to this, there’s already a full range of other potential adaptations of the original blockchain concept that are currently active, or in development. Because there are no barriers that use and deploy solutions this can become a part of our everyday life (if not already) it certainly will be in the near and ever-changing future.

Blockchain details: The idea of decentralization

Any and everything that happens within the blockchain is a function of the network. Therefore, some important implications are being realized:

• By creating a new way to verify all transactions the aspects of traditional commerce could become obsolete.
• Cryptocurrency and ICO/Token trades are almost simultaneous on the blockchain system. Creating a Global platform for trade that’s operating twenty-four hours per day seven days per week three hundred and sixty-five days a year. With no market opening or closing.  Globally.
• Vital record keeping, like a land registry, is now fully public.
• A global network of computers uses this technology to jointly manage the database that records recorded and structured transactions. Making information up-to-date and available at all times.

So, the blockchain is managed by the network system, not a central authority. The “Decentralization” means the network will operate on a user-to-user (or peer-to-peer) basis. Therefore, this creates “truth” and the possibilities from all forms of mass collaboration. The ideas being made possible here are just starting to come to light.

Details: Who will use the blockchain?

Keep this in mind, you do not need to know about the blockchain for it to be useful in your life. Like computers, they’ve been improving everything around us for years with or without our knowledge of how they function.

Currently, finance offers the strongest use cases for this technology. International remittances, for instance. As a result, the World Bank has estimated that over $430 billion dollars of the US in money transfers were sent in 2015.

Jobs and Careers are currently abundant. At the current time, there’s a high demand for developers. This will not be slowing down. Therefore, the implications for evolving is relevant for virtually everything.

This has the potential to cut out the middleman for all types of transactions. This will create new methods for generating and being a part of creating new monetary gains ard higher than ever.

Access to the financial sector and the use of blockchain cryptocurrencies will become accessible to the general public with the invention of “wallet” applications. They were first used by people to buy things with Bitcoin and to be able to store and access it along with other cryptocurrencies. We recommend that you use OMINEX for any cryptocurrencies wallet or ICO direction, need, or resource.

In addition, this created a huge need for compliance and identification and verification.  OMINEX is the leader when it comes to blockchain compliant solutions and user “wallet” for cryptocurrencies.

Blockchain details: Enhanced security

The security, validation and “Truth” offered by blockchain is a revolutionary tool and very necessary for a total global solution in all sectors. When storing data across its network, the blockchain will eliminate all risks that come with data being held at one central location.

Especially in today’s world with all the sophisticated hacking tools that relevant to today’s security needs; The blockchain eliminates centralized data points of vulnerability that computer hackers can exploit.

The internet today has security issues that have frustrated all of us. We all rely on the “username/password” system to secure our data and assets online. Blockchain security methods use encryption technology.  This has revolutionized Internet Security, along with every other aspect of Internet security dealing with blockchain.

This method of encryption is public and private “keys”. A public key Is the users’ address on the blockchain. Values sent across the network and then recorded as belonging to that address. The “private key” is similar to the password that gives the owner access to their Bitcoin, other cryptocurrencies, or other digital assets. Data stored on the blockchain is incorruptible. Protecting your digital assets will still require safeguarding your private key.

Some methods for safeguarding include:

• This print out is your paper wallet.

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  Cold Storage Solutions.  Such as a Trezor allow you to keep your “Public Key” and its contents as you access them from the blockchain in a safe location with built-in and secure recovery points. Click on the image to order one today.

  

Blockchain details: A second-level network

This technology will give the internet (web) benefits with a new layer of functionality.

This will allow users to transact directly with one another. Bitcoin transactions in 2016 averaged over $200,000 US per day. With this added security and technology brought on by the blockchain, the internet business is on track to completely disrupt the traditional banking and financial institutions. If you’re looking to find out how much blockchain has grown then go here for the latest in Market Cap.

When published in 2017; Goldman Sachs believes that the blockchain technology holds great potential. Blockchain will especially optimize the clearing and settlements of all financial transactions.  They are forecasting claims that it could represent a global savings of up to $6 Billion per year. It may be that even Goldman Sachs has underestimated this incredible new world of blockchain technology.

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This is a lot to take in.  So we encourage you to bookmark this site and come back for more information to review this information. The information provided here will only increase your appreciation for the information and technology on the blockchain. There is nothing but growth and adventure for everyone to witness. You can be just like the thousands of others who have gained knowledge of the blockchain on this Blog. So be sure to subscribe to on the right so you can be kept up to date with the new blockchain program and service.

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