The Three Pillars Of The Bitcoin Blockchain
Blockchain technology supports the Bitcoin network. It is extremely secure and now many organizations across the world are seriously looking at it for not just financial transactions but for their supply chain processes as well. In this article we will discuss the 3 pillars of the blockchain technology behind Bitcoin. The Decentralization Pillar Before the invention of blockchain most transactions over the Internet involved a central server. This server stored all of the essential data that supported the service that it provided. A good example of this is the banking system. Your bank stores your money and when you need to pay someone you have to use them and they charge you for this. Client server technology is everywhere online. When you use a search engine to find something your query ends up on a central server which dispatches the information that you asked for. The problem with client server is that there are a number of vulnerabilities: 1. T...