The popularity of blockchain technology is closely related not only to the fact that it enables the functioning of numerous cryptocurrencies. The primary benefit of this technology is decentralization. But what is it? Before cryptocurrency, all information in the world had been stored in a centralized way. For the storage and saving of data, separate servers were allocated. All recordings were stored on external and internal drives. To increase protection, the information was duplicated. Decentralization in the blockchain is an entirely different approach to data accumulation and storage.
Blockchain also is a database that records the information. For example, it can be information on the number of bitcoins that appeared due to generation or transferred from user to user. But there is no single server that stores this data.
The uniqueness of the distributed ledger is that its functioning is supported by all participants in the process. Anyone who setups a blockchain app and creates blocks becomes a drive containing full information from the distributed ledger. All distribution copies are constantly interacting and synchronizing. When a new block is added, its information is recorded to the existing drives. When one user disconnects from the network, the functionality remains unchanged because millions other participants are still online.
In theory, a user can make adjustments to the copy of the blockchain uploaded to their computer. But the next time he connects to the network, the blockchain will scan for an unplanned interference and simply replace the corrupted block with verified one.
Advantages of decentralization
- There is no outside and inside control. Since there is no single service, complete control is not possible. Blockchain fundamentally differs from the developments banks and financial institutions use in their work. It is not possible to delete, erase, or correct the blockchain.
- It is impossible to restrict access. Since there is no single address that participants must access to connect to the blockchain or its data, nothing can’t prohibit the its operation.
- It is deletion-proof. Since multiple copies of the blockchain are located on every device of the users in the chain, it is impossible to destroy the information completely.
- It is hack-proof. No member can make changes to the data without other users seeing it.
At CryptoMoto, we are building a decentralized biker network to ensure bikers have 100% freedom and protect their information and assets.