The creation of Bitcoin provided us with a new digital payment system that has completely changed the way we thought about money. But not only.
It also brought to the world the technology that is considered as the most revolutionary of this 21st century.
This technology, known as ‘blockchain technology,’ has proven to be almost as valuable, if not more so, than the assets it supports – Bitcoin and other cryptocurrencies.
To the uninitiated who have not yet learned about blockchain, this piece will provide you with a brief overview of what the blockchain is and how it functions.
What Is Blockchain and What Does It Accomplish?
Take, for example, the Bitcoin network. The blockchain that helps to operate the Bitcoin network allows for all transactions to be recorded on a public document known as a distributed ledger.
This ledger is maintained by every user who operates the network and is not controlled by a single entity. All transactions taking place within the network are permanently recorded and cannot be tampered with, allowing for a transparent and honest report of the operations’ history within the network.
Because of these qualities, blockchain technology is seen as the best way to maintain integrity and transparency and improve data tracking and management, making it a valuable tool for a variety of different industries.
Blockchain will change the way that companies handle their data and information. It will reduce costs, increase security and improve the automation of EVERYTHING related to data, from transfers of value to storage, predictions…
If you have been curious about why this technology has received so much attention, I hope you now have a clearer idea as to what blockchain technology is and how significant its potential is.
From our friends at Cryptomaniaks
The Purpose and Popularity of Blockchain Technology