Blockchain- The Future of Tech?

Maybe you’ve heard of Blockchain, or more likely Bitcoin? I work in tech and let me tell you the buzz around both is high!

Bitcoin is a cryptocurrency on many lips at the moment. Essentially, it’s a digital¬†currency, created in 2009 by Satoshi Nakamoto which is an alias for an unknown person/persons! All Bitcoin transactions are made online and Bitcoin basically works through something called ‘decentralized ledgers’, which means it is system managed and requires no bank or admin.

That sounds unsafe…

You may think so, but no, Bitcoin is based on immutability and consensus and is heavily encrypted making it extremely secure!

Bitcoins are mined during the process of transaction verification and are then added to the public record or ‘ledger’ which is also refered to as a ‘Blockchain’. Anyone who’s online and has a powerful PC can mine for Bitcoin; the process involves sorting and compiling the transactions into ‘blocks’ and solve the puzzle of best fit. The winner claims the Bitcoin rewards and places the next block on the Blockchain.

So what is Blockchain?

 

Blockchain is a basically a way of recording and storing data – a digital ledger of transactions, agreements, contracts – any information which needs to be stored and verified. This article is a great introductory read to the world of Blockchain –BBC Link

To better understand, here’s a great video from IBM- a current leader in Blockchain about how it works!

Blockchain is the future of banking, encryption and online transactions and is set to be used in multiple industries across the world. Just a quick Google will show you how huge companies like IBM, Maersk, Everledger, Microsoft and Walmart are all making use of Blockchain solutions so it’s well worth reading up on.

If you’re interested, why not check out Blockchain for Dummies here –¬†https://www-01.ibm.com/marketing/iwm/dre/signup?source=urx-16905&S_PKG=ov59289 I found it super useful for getting to grips with the facts!

Blockchain will do for transactions what the internet did for information - IBM

Later all,

Ruthy

 

Leave a Reply

Your email address will not be published. Required fields are marked *

See more from D2Shine

It's snowing outside so keep warm with Pole!

social media icons are shown on an iphone home screen Instagram, linkedin, pintrest, facebook, tumblr, twitter, fb messenger, discord and reddit

In a world so full of online content, readily available at the touch of a button, it's easy to think that information and social media is super accessible- but that's not always the case. With International Day of People with Disabilities taking place on December 3rd I wanted to talk about the impoartance od accessibel social media.

You can't control when bad things happen in life, but you can try things to help