Business & Finanza
BlockchainLKSCOIN: Why use blockchain technology?
How LKS Foundation intends to spread the culture of the main tool of the decentralization revolution
In this era, blockchain technology is recognized and evaluated globally as the core tool used in the decentralization revolution.
Blockchain culture: the distributed consensus model
One of the focuses on which the blockchain culture is based, and which differentiates it from other technologies, is linked to the idea of distributed consensus, a model capable of giving value to every node forming it and which guarantees its functioning.
Just like the technology that was born with the idea of distributing power to the people, the concept of blockchain aims to create a model that can distribute consensus among the active nodes that compose it, thus enabling the decentralization revolution.
In fact, in order to claim to be part of this great technological evolution that began in 2009 with the Bitcoin blockchain, it is necessary that the blockchain that is applied to one’s activities follows this mechanism while remaining public and open.
Otherwise, what is being spoken of is Distributed Ledger Technology or DLT, of which blockchain is part but from which it differs for its unique peculiarities.
In essence, the blockchain is a distributed ledger consisting of a chain of blocks connected in sequence to each other by special cryptographic codes, called hashes, although to support decentralization it should be able to scale transactions without the help of managers and without a single-point-of-failure.
Therefore it is not only about decentralization. What follows from the use of this technology also includes another set of features such as transparency, immutability and security that make blockchain the new internet of transactions.
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