Tuesday, 15 August 2017
A few words about “blockchain”
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this is interesting
If you once came across with the term “bitcoin” (and you most probably did), you must have heard of “blockchain”, the technology behind the world’s most popular digital currency.
But understanding “blockchain” seems a bit more challenging than understanding what a bitcoin is and how it can be used in our day-to-day financial operations.
I know what you are thinking and believe me, I get it. “Why should I understand the technology behind ‘bitcoin’?” Let’s just say that in the near future you’ll be reading about lots of new companies using “blockchain” to back their core business and I am not talking just financials.
A blockchain can be defined as a public ledger that stores data in a decentralized network, allowing users of that network to access and verify each publicly recorded transaction.
This revolutionary technology was first used as the core structure running behind bitcoins. Taking them as an example, let’s just imagine you want to transfer a certain amount of bitcoins to another person. That transaction will be automatically recorded into the network and verified by other users, not by the government or banks.
Each block of the chain contains sort of an individual banking statement, or at least you could think of it that way. The blockchain database is shared with each new computer that joins the network.
In other words, blockchain technology is reliable, transparent, digital, immutable, and irrevocable, which makes it hell of a threat or opportunity for many industries in the future.
Keep an eye on it. Stay tuned!
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