Blockchain is the technology that started it all – it’s what makes millions of transactions sent through peer-to-peer cryptocurrency networks every year. And now, it’s making its way into one of the most important parts of everyday life – communication. But what makes blockchain so powerful, and what exactly does it have to do with the way in which we talk to others? What Makes Blockchain Powerful Cryptocurrency networks decide on the true state of their blockchains using consensus mechanisms, processes that verify the legitimacy of data stored within blocks and decide where along a particular blockchain those blocks belong. If nodes within a cryptocurrency network disagree on a blockchain’s true state, then protocols specific to each network automatically settle the dispute and determine the correct blockchain. Because this is done automatically, it is very difficult for an attacker to commit fraudulent transactions. Consensus mechanisms contribute to another attractive feature of blockchains, that being their immutability. Data stored within blockchains cannot be retroactively changed or reversed without majority consensus. 51% or more of all nodes within a cryptocurrency network must agree to change the state of a blockchain. As a cryptocurrency grows, it becomes harder and harder for a single entity to control 51% of the network. Because of this, large cryptocurrencies like Bitcoin ensure the integrity of transaction...
North Carolina Eyes Crypto for Pension Funds
