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The Technology Behind Cryptocurrency Will Do Much More In Time.
There are enough new technologies today that it can be hard to keep up with all of them. One technology that is leaving a lasting mark is blockchain. The technology behind the ever-popular cryptocurrency Bitcoin (and every other cryptocurrency), is quickly becoming a household name. Here is a brief look into blockchain technology, how it works, and what kind of innovations businesses can use to make it work for them
A blockchain is a public ledger system that allows for transparent, secure, and efficient data exchange. A blockchain network is made up of nodes, which are distributed servers of information. Unlike the standard database, all the data that makes up a blockchain are stored in these nodes and spread out . They can accept and process a data transaction from any other node. In doing so, each node shares information about incoming transactions with all the other nodes on the blockchain.
Since this structure follows what is known as a consensus and validation method, any transaction will not process until a majority of the nodes agree on the proposed transaction. If the transaction fails, it will be sent out again until consensus is reached that allows the transaction to complete. If one is never reached, the transaction essentially fails. The graphic below can help you understand a monetary transaction using blockchain technology.
The inherent transparency coupled with the direct exchange provides the most secure construct possible, while leaving a very honest and upfront history of the transactions that have taken place.
Blockchain technology was created to keep data secure, but there will be several ways that any business can utilize blockchain technology in the future. Some of them include:
As you can see, blockchain technology is one of the most powerful innovations that have come along since the whole world went digital. It is only a matter of time before we are all using blockchain-based systems to replace some of the less reliable systems we have today.
The whole IT industry is talking about blockchain technology. If you would like to know more about technology in general, or how blockchain works, give us a call at (410) 531-6727.