Initially, blockchain was positioned as the backbone of Bitcoin. While there are still intense debates about cryptocurrency prospects, nobody doubts blockchain technology’s bright future.

Every expert out there agrees that this advancement is a game-changer. It’s one of the most significant breakthroughs since the birth of the World Wide Web. The concept is so promising that giants like Google and Amazon invest millions in crafting their blockchain solutions. So, now you understand why having a grasp of blockchain is a good idea.

blockchain was positioned as the backbone of Bitcoin

So, what is blockchain?

At its core, there is a chain of blocks. Each “box” contains digital information. All these blocks together build the Bitcoin blockchain and serve as confirmation for every transaction from day one.

Bitcoin was the first effective example of blockchain technology use. It was created as a response to the inefficiency of centralized banking institutions. Bitcoin was launched in 2009 after the global crisis of 2008. The inventor of Bitcoin supported the idea of democratic realism, implying autonomous functioning within a single monetary system.

Where is the blockchain located?

Blockchain, essentially, is a network or chain of computers scattered all around the world. The computers contributing to a specific blockchain hold information or transactions that have ever occurred within that blockchain’s framework.

Blockchain, essentially, is a network or chain of computers scattered all around the world

How many blockchains are active today?

Right now, there are over 10,000 different blockchains. The majority of them fall into the categories of public or private:

  • Public: In this case, the software has open-source code and can be used by all network participants. Anyone interested can join the network.
  • Private: Here, the software is patented and hosted on private servers. Many companies launch their own blockchain solutions to manage logistics.

How can you make money on blockchain?

There are many ways to raise money using this technology. The most common method is trading on a cryptocurrency and token exchanges. But here, in order to succeed, you need knowledge of the market and a “smell” exactly the same as on the stock exchange. There are other, safer ways. One of which is our app for motorcyclists CryptoMoto with its own token and blockchain. Download the app or join our social media to find out more!

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