User:Tmcoelho/Bitcoin network

Data in the blockchain
While it is possible to store any digital file in the blockchain, the larger the transaction size, the larger any associated fees become. The more information that is stored on each block means more information is stored on nodes, potentially creating “blockchain bloating.” Data has been hidden in the block chain from the beginning. The first block of the Bitcoin blockchain, known as the “Genisis Block” contains a famous newspaper headline that may hint at Bitcoin’s mission. Various items have been embedded, including URLs to websites, an ASCII art image of Ben Bernanke, material from the Wikileaks cables, prayers from bitcoin miners, and the original bitcoin whitepaper. Other important information is stored in the blockchain as well. In Blockchain: Insights You Need from Harvard Business Review, Tapscott, Lakhani, and Iansiti state “With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision. Intermediaries like lawyers, brokers, and bankers might no longer be necessary. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction"

The amount and type of data stored in each block is protected by cryptography. Since there is no central authority, no one can take away your file, restrict access or make amendments to it for the sake of censorship. The file’s hash is kept in the ledger. Decentralized cloud-based storage for the blockchain-based makes the transmission and transfer of data safer. Files are encrypted with private keys, making it impossible for anyone without a key to access the file.