The month of May marks the first anniversary of the very first BlockchainSPACE in the Philippines! This space is a great help to blockchain users and cryptocurrency enthusiasts in the country because they now have a space where they can regularly can host meetups, organize talks and workshops, and meet other people interested in the blockchain technology. Before we celebrate BlockchainSPACE’s first year in the industry, let’s all go back to the basics and learn how Blockchain works!
It has been a decade since Satoshi Nakamoto laid out his manifesto detailing the possibility of the implementation of a virtual currency that can be used by anyone in the world at any given moment. Since its launch, bitcoin, and every type of cryptocurrency following it, has had a spectacular run in the market. Just last year, digital currencies have reached a combined market capitalization of over $115 billion, reaching an all-time high in the global charts.
All of this is made possible by the blockchain technology. Before describing the blockchain, it is important to keep in mind that it is NOT a cryptocurrency nor is it a programming language. It is an entire technology that allows cryptocurrencies to manifest their potential. Blockchain is a decentralized, immutable sequence of blocks or groups of transactions that are “chained together and distributed among the users” managed by clusters of computers. This might seem like a lot, but it’s easy to understand.
Information stored on a blockchain exists as a shared database. Not one entity has sole property or control over all the information in the technology. This decentralized network allows everyone to interact through the system without the need for a third party. This setup also gives you more freedom in controlling your money (cryptocurrency) or any other information that you decide to put in a blockchain.
Since blockchain technology is decentralized, everyone who has access to it can see the information in it. While this is the case, this technology still offers privacy to all its users by hiding everyone’s identity through complex cryptography. Instead of your name showing up when someone looks you up on the system, you will be represented by a string of numbers and letters. The transparency that blockchain has adds another layer of accountability to all its users.
In the case of blockchain, immutability means that once something has entered the blockchain, it cannot be tampered with. It is impossible to modify any block without changing the entire chain. If an anonymous user attempts to tamper with a block, the other blocks on the chain will verify the information being tampered with.
The Blockchain technology is highly complex, but not complicated. It is permanently growing and evolving. More than being a carrier for economic transactions, maybe in the future this technology can be used in sending and disseminating other forms of data. We have events lined up monthly that tackle the importance of Blockchain technology and its many uses. Visit our website, acceler8.ph to see our line up of weekly events!