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Your bank maintains a central database of all customer details that stores account numbers, balances, transactions and more. Every time you make transactions with your account, your bank updates its records. Only the bank has exclusive access to the ledger, so if they decide to make a change, there is not much you can do about it.
Now, if a hacker gets access to this database, he will modify the balances, delete the transactions and cause more damage. Your bank may or may not be able to restore data from backups and there may be many databases that serve this data, but this violation is bothersome and annoying.
The distributed registries used by cryptocurrencies are much smarter and more effective because rather than a single person or company has the sole responsibility of the ledger, many people manage copies of the distributed ledger and there are often few restrictions on who can join the network or not. .
Each user known as "node" stores a copy of the data, from the beginning to the end of the ledger, ie the beginning of the cryptocurrencies up to now. For each transaction, several nodes work to verify it, and after completion, all nodes update their records so that everything is updated and synchronized.
Each new transaction is grouped with all other transactions in a "block". There is no centralized authority able to fudge the record. If a hacker or an immoral node changes the records in a register, all the other nodes would reject it because the new records would not match the data stored by all the others. The only possible way to manipulate data is that every single node colludes together, which is highly unlikely.
While many blockchains store only transaction details, you can store all types of data on a blockchain: medical records, secure messages, smart contracts and more. You can even design and create your own blockchain, even if private, as long as you have enough nodes to run it. You can remove cryptography, change the rules or decentralize it according to your needs and will.
Women in cryptocurrency: the first 8 women in cryptocurrency
We have a wonderful infographics about Top 8 Women In cryptocurrencyand this infographic talks about the results and the contribution of these Crypto Women to this sector. This infographic was developed by our friends a Mrbtc.org, please check and let me know your thoughts.
