Blockchain is the core of online currency transactions which is the most successful model based on randomly organized “invoices”.
In order to briefly explain what a blockchain is, we must understand the importance of security of virtual currency that cannot be altered, stolen or cancelled. In order for a blockchain to exist, an almost “indestructible” automatic counting process is required, which can ensure a person that the verification system of the transaction was not modified or altered in any way, since the moment the money were sent to him. This process is carried out in a huge registry consisting of connected segments (blockchain) that are randomly positioned and are encrypted in an extremely strict way. The segments are continuously randomized and each access to the registry is verified by an encrypted system, so as not to corrupt or alter any of the already existing segments in the registry. Any corruption occurring in the segment will cancel all subsequent transactions. The distributed consensus is essential, because the multitude of systems that are accessing the registry will analyze and guarantee the integrity of each transaction, and if any “mismatch” appears in the registry, it will the blocked while the transaction will cancel.
For the moment, the only currency that uses the consensus distributed system is Bitcoin, but as the success of this system had a decisive effect, Linux Foundation raised an interest in the system which led to developing a program named Open Ledger Initiative that included world giants such as IBM, Intel, Mitsubishi and Cisco. And since we are talking about money, it was also brought to the attention of banks, such as J.P. Morgan, Wells Fargo and London Stock Exchange. This movement pushed these giants to copy the Bitcoin system and develop it into a much more legal activity without having the police looking for the worldwide leaders of these institutions.
The leader of the Bitcoin project, the famous and mysterious Satoshi Nakamoto, invented this extremely advanced system of transaction security by decentralizing the bills from the online environment. Once IBM came into this picture, it took the system to an advanced and brilliant level. The Ability to streamline the financial segment through transactions and online payment would turn almost every type of online money exchange an instant and secure action through a system that cannot be broken by potential hackers.
The Blockchain can be the core of developing something that we would consider a unique worldwide virtual currency, a type of Bitcoin without limits, which would be legally used by people around the world.