What is Blockchain?
Today, the term â€˜blockchainâ€™ describes a data structure that makes it possible to generate a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant (i.e, employee, client, etc.) on the network to manipulate the ledger in a secure way without the need for a central authority.
It is constantly growing as tamper-resistant blocks are continuously added. The blocks are added to the blockchain in a linear, chronological order, and linked to a previous block. Upon joining the network, each computer is given a copy of the blockchain, which allows the individual operators to send new transactions, verify transactions, and take part in creating new blocks.
What makes it one of the most popular technologies? Its ability to reduce the possibility of security breaches by even its own operators. Once written, data cannot be changed, unless a unanimous decision to make a change is reached among the participating computers. This greatly reduces the possibility of data tampering and security breaches.
Blockchain is currently used by more than 40 financial institutions throughout the World. Bitcoin uses this technology as its underlying technology. Other industries currently adopting or planning to adopt blockchain technology include: Insurance, health care, defense, government, law, energy. Early adopters of blockchain technology are secure against attacks on important network equipment.
The Benefits of Blockchain
- Empowered users
- High-quality data
- Durability, reliability, and longevity
- Process integrity
- Transparency and immutability
- Ecosystem simplification
- Faster transactions
- Lower transaction costs
For more information on Blockchain: The Information Technology of the Future, please contact No More Salespeople Consulting at (888) 203-1550, or to create a general inquiry click here. Our Experts look forward to discussing this, and other technologies, with you.