The Future of Financial is Gold
The Blockchain system consists of two types of records, transactions and blocks. This transaction is stored together in one block. The unique thing about the Blockchain is that each block contains cryptographic hashes that form a network. Cryptographic hash function is to take data from the previous block and convert it to compact string. This string allows the system to easily detect sabotage.
With this method, it means that each block does not need to have a serial number, the hash allows each block to verify its integrity. Each block will confirm its validity from the previous block. Block connection is not the only thing that keeps the network safe. This technology is also decentralized, every computer with installed software has a copy of Blockchain that is constantly updated with new blocks. There is no centralized server that holds the transaction, and because each new block must meet the requirements in the chain or network, no one can overwrite the previous transaction.
Other transaction requirements, i.e. can be used to determine valid entries. In Bitcoin, for example, valid transactions must be digitally signed, and must issue one or more unused outputs from the previous transaction, as well as the number of outputs transactions cannot exceed the number of inputs. Transactions using Blockchain technology are peer-to-peer, meaning that data (can be messages, money, or important information) can be transferred from one user to another without the help of a third party to process it. With Blockchain, we no longer need to depend on one server because all transactions are replicated throughout the network so that we avoid various forms of fraud due to modified data, server down, or hacked accounts. With the Cellphone Wallet Wallet Application, it is possible to see where the ATM machine is located. The APP also allows to minimize places where most people use cryptocurrency.
