Have you ever heard the word blockchain, cryptocurrency, bitcoin, and various other terms? Feels familiar doesn't it? Recently, this term has become popular. In fact, the existence of the term has been around for a long time. Blockchain apparently has been around since 2008 and Satoshi Nakamoto is the creator.
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Then why is blockchain popular
again? What exactly is blockchain? Well, so that you are not curious anymore,
let's just read this article to the end!
What is Blockchain?
In short, blockchain is a secure, transparent, and permanent digital data repository. As the name implies, which consists of 2 words, namely block (block) and chain (chain), blockchain utilizes computer resources to form a block chain that contains various information. Each block of this information will be connected to each other.
Blockchain technology itself is widely used by the world of digital banking such as bitcoin and cryptocurrencies. Interestingly, you can run this blockchain technology without the need for third party assistance so you can save on transaction or administrative costs. You don't need to incur additional costs. Therefore, many think that this technological innovation is capable of changing the world.
In each data block, there are 3 main elements, namely data, hash, and hash derived from the previous block. Hash itself is a unique code that contains the user's signature or fingerprint. The use of a hash is as a marker or differentiator for each block of data and its contents so that even if your data is public, other people will not be able to know who made the transaction or stored the data.
Key Properties of Blockchain
There are 3 main properties that are also the advantages and strengths of this technology. Quoting from Gramedia, the following is an explanation of each characteristic!
1. Decentralization
As you are aware, when you save at a bank, all your data, information, and nominal savings will be recorded centrally only in that bank. It's the same as when you are going to make a payment or delivery transaction, you still have to go through the bank. Of course, this centrally stored data and information can be a target for hackers to hack. This is because all your data will be stored in only one place. You also have to continue to update software or applications so that all of your information and data remains safe.
Unlike the blockchain which has a decentralized nature. All your important data and information will not be stored in one place. The blocks that store all your information will be connected to each other to form a network or chain to various places by utilizing computer resources. That way the data you have becomes more secure, and minimizes the risk of hacking by hackers. If you want to make transactions with other people, you can also do it directly without the need for third party assistance.
2. Transparency
One of the factors recognized by the world is its transparent data storage system. But don't worry, all your data will remain safe and private because of the cryptographic system. Each block will have a hash that can create a unique code on your transaction display so that your transaction history will also not be visible to others. For example, when you make a transaction, other people will not see the information with the display “Lauren sent 1 BTC”, but they will see the information with the display “LF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”. You will still be able to see all transactions made by the public, but not with their identity.
3. Immutability
The stored data and information are permanent or permanent. Once you input the data, the data cannot be hacked, damaged, or changed by anyone. If later there is a hacker who wants to hack your data block, then the sabotage alarm will fire. The unique code generated by the cryptographic hash will also change the entire block chain. Therefore, embezzlement, corruption and various other things will not happen in the blockchain.
Blockchain Startup Companies in Indonesia
It turns out that many people are interested in this technology. In Indonesia, there are already many blockchain-based startups, you know. Some of them even have big names. Here are 5 companies in Indonesia that have blockchain-based services quoting from the Magic site!
1. Blockchain Zoo
This company offers services and workshops for companies who want to apply this technology in their business. You can get training according to your company's needs, for example antifraud, compliance, business progress, supply chain to tracking transactions on the dark web. Blockchain Zoo is located in Bali, and has grown its business throughout Southeast Asia.
2. Corechain
If your company wants to have blockchain-based services, but there are no qualified human resources, then you can use Corechain services. This company provides services as a system operator for companies that want to adopt this service. Corechain has services to solve blockchain system problems, such as development, operations to security. In fact, Corechain has become a partner of PT Antam Indonesia and PT Pos Indonesia.
3. Block Tech
The company provides development services as well as consulting related to blockchain systems. Block Tech also has a coworking space called Blockchain Space which serves as a forum for people who want to know more information about blockchain and want to develop it.
4. Indodax
This startup company is the oldest blockchain-based company in Indonesia, which has been established since 2013. Indodax has services as a marketplace for digital asset transactions. The digital currencies traded are Bitcoin, Dash, Ethereum, and Litecoin.
5. Crypto Store
This company also provides services as a marketplace for digital currency transactions. In addition, this company also promotes crypto assets to various cities and regions in Indonesia. Currently, TokoCrypto service users have reached 1.2 million users, with a transaction value of more than 100 billion per day.
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