While most people start learning about blockchain just because of Bitcoin, its roots and applications go much deeper than that.
Blockchain is a technology in itself. It strengthens bitcoin և, in fact, the reason why * so * new * ICOs have flooded the market. Creating an ICO is ridiculously easy (there are no barriers to entry).
The purpose of the system is to create a decentralized database, which means that instead of relying on the likes of Google or Microsoft for data storage, the computer network (generally operated by individual people) can operate in the same way. , as a larger company.
To understand the implications of this (and, consequently, where technology can take the industry), you need to look at how the system works at a basic level.
Created in 2008 (1 year before Bitcoin), it is an open source software solution. This means that its source code can be downloaded by anyone editing it. However, it should be noted that the central “repository” can only be changed by individuals (thus, code “processing” is generally not free for everyone).
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The system works with what is known as a merkle tree, a type of data graph designed to provide differentiated access to data on computer systems.
Merkel trees have had a great impact on a number of other systems. especially GIT (Source Code Management Software). Without being too technical, it basically stores a “version” of a data set. This version is numbered և, therefore, can be downloaded at any time when the user wants to revoke the old version. In the case of software development, this means that a number of codes can be updated on multiple systems.
It works by keeping a huge “file” of central data collection updates, basically what powers Bitcoin և all other crypto systems. The term “crypto” simply means “cryptographic”, which is the technical term for “encryption”.
Regardless of its core business, the real benefit of wider “chain” adoption is almost certainly the “paradigm” it provides to industry.
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The idea behind Industry 4.0 has been around for decades. Often confused with the Internet of Things, the idea is that a new layer of “autonomous” machines could be introduced to create more efficient production, distribution, and delivery technology for businesses, consumers, and consumers. Although it was done often, it was never actually accepted.
Many experts now view technology as a way to facilitate this change. The reason for the “crypto” is that, as evidenced by the likes of Ethereum, the various systems built on it can actually be programmed with a layer of logic to work with.
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This logic is really what IoT / Industry 4.0 has missed so far – why do many people look to blockchain (or equivalent) to provide a base level standard for new ideas moving forward? This standard will allow companies to create “decentralized” applications that will enable smart machines to create more flexible, efficient manufacturing processes.