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Blockchain & Associated Technologies (BAT) certifies technicians, programmers, and hardware experts, in all aspects of the spinoff technologies being created daily by Blockchain Technology. Join BAT today as a founding member of an industry that is just emerging. Your certification today will attest to your enrollment at the dawn of Blockchain technology.
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Blockchain Technology Explained
Blockchain technology was introduced on October 31, 2008, by an enigma called Satoshi Nakamoto. He, she or they published a nine page paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” this is the blue print for Blockchain technology. It is available on this site and is recommended reading for those who want to become an expert in the technology. (click here to read the paper)
Blockchain technology is a peer-to-peer encryption system that allows online transactions to be sent directly from one party to another without going through a third party like a financial institution or the government.
The system is based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
The industry believes that a Blockchain is unbreakable because of the innovative use of a distributive peer-to-peer network digital timestamp server to generate computational proof of the chronological order of transactions. The network timestamps transactions by hashing (computing algorithms) them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work, the longest chain not only serves as proof of the sequence of events reported, but proof that it came from the largest pool of CPU power.
The system is secure because of the world wide nodes (specially designed and configured computers) and miners (specially designed and configured computers connected by internet to nodes) working collectively to control more CPU power than any cooperating group of attacker nodes. In order to defeat an encryption system you need much more computing power than the target system. Blockchain technology relies on a worldwide distributive system of nodes and miners that work in concert to provide encryption solutions. The nodes distribute and validate the problem/solution and the miners solve the problem and all are rewarded for the work.
The world wide system of nodes and miners can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. The combination of a digitally signed genesis block (the first block in the chain) coupled with the computational power to provide the encryption power distributed worldwide makes it virtually impossible to disrupt the encryption. Nodes can leave and rejoin the network at will, accepting the proof-of-work chain as proof of what happened while they were gone. They vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.
Blockchain technology was first used to create digital currency such as Bitcoin and Etherium. The uses are expanding every day; a whole new industry called Non-fungible Tokens (NFT) is radically changing the relationship between artists and their followers. Governments are exploring ways to use Blockchain to collect taxes, document ownership of real estate and voting.
We at Blockchain & Associated Technologies (BAT) are leading the revolution, join us and change the world.
