Blockchain technology has been around since the 90s, but it was not until recent times that it became popular, chiefly due to the extensive use it has found as an account keeping method for Bitcoin and other cryptocurrency exchange. It becomes important to understand more about the service and how it can be useful to us as it gains foothold in the market.
Blockchain is a concept that derives from cryptography, just as Bitcoin. When used in conjunction with BTC, it becomes a sort of online passbook that is automatically updated when you make a transaction, and which is virtually impossible to alter. When you send someone a BTC, the service records markers unique to you and the receiver. Your privacy is still assured, since the service does not trace back any information to your real identity if you are not comfortable with sharing it with your account.
This information constitutes a block of data. This block is then saved on many devices giving rise to a chain-like structure. Changing data on one block itself is a herculean task. To do it across the many devices on which the system will store a copy of the block you generated will require an amount of CPU resources that are virtually impossible to accumulate. And so it is positively impossible to fool a record on Blockchain.
The system has the potential to change the very face of our world. Democracies can become more transparent and accountable if Blockchain is used to eliminate counterfeit votes and ballot stuffing. It is already being used by corporates as a convenient and precise way to control raw material and finished product inventories across the world. The technology is here to stay, which is why it is advisable to stay on top of it. TechiesPad made a really helpful infographic to summarise everything you need to know about the technology. Check out our infographic.
External contributor: Stacy Miller
Stacy Miller has been blogging ever since she was in high school. Her love for technology and disdain for generic Hollywood movies has only grown over the years. You can find more of her writing on techiespad.com