If you’re trying to get your head around Blockchain, rest assured, many stand with you. While there seems to be plenty of information out there that directly relates to the technology Blockchain relies on, it’s not the simplest concept to explain. Let’s take a walk through Blockchain basics.
The blockchain is tipped to transform a multitude of industries in the coming years. We should feel a considerable dent within 4, maybe 2 years, if most predictions hold their weight. Marketing, design and development are very open and susceptible to the Blockchain revolution.
A Blockchain is a distributed database. This means that there is no centralised server. An example of a centralized server is a banking institution. Those who use the bank must wait for every transaction to be approved by its almighty power before their transactions are verified. Blockchain technology is a decentralised database, which means there is no almighty power guarding transactions as they occur. Instead, a blockchain holds the transaction record in the form of an ongoing list, each encrypted and time-stamped. Blockchain keeps stock of each transaction in a record of transactions called a private ledger. This time-stamping and tight security ensure that transactions can never be fudged.
Blockchain was originally engineered in the early 90s, in order to maintain high-security document integrity. It wasn’t until later that Blockchain was adapted for the cryptocurrency, which is the fancy name for digital money. Monero, Ripple and Dash are all forms of cryptocurrency but you’ll most likely recognise Bitcoin, which is the leading cryptocurrency in 2018.
It might be helpful to think of Blockchain as a digital bookkeeper- an extremely accurate bookkeeper at that. When Blockchain takes stock of Bitcoin and other cryptocurrencies, it doesn’t make mistakes. Where human error leaves plenty room for mistakes, security issues and theft propensity, Blockchain is the ideal financial overlord, ensuring that each transaction is accountable, and each cryptocurrency-holder is protected, anonymous and free to get on with life without paying bank fees. Since when did your last bookkeeper work for free?
If you’d like to know more about Blockchain and what Blockchain application technology can do for your business, One Stop Media are ready to assist. Call us today comprehensive information on how the Blockchain can revolutionise the way you do business.
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