This form of decentralized recordkeeping can change the world by offering more privacy and heightened security for many different applications. Despite this fact, many people still don’t understand, or even know about, blockchain. So, exactly what is blockchain? If you want to know the answer, then you’re in the right place. In this article, we’ll give you a quick breakdown so you can understand what blockchain is and what it’s for. Let’s get started!
What Is Blockchain?
Blockchain is a ledger that’s immutable and shared. That means that no one can tamper or change anything recorded in the ledger. Blockchain is responsible for tracking assets in business, whether they’re physical materials or intangible matter. So, why is there so much hype surrounding an online ledger? Because, when information is shared on a blockchain it’s not only more accurate it’s also almost instantaneous. And, in industries that rely on fast transactions, like banking, supply chains, and artificial intelligence, this is invaluable. So, how does blockchain work? Well, each transaction on the chain is recorded as a block. That means that the block, which contains all relevant information, is connected to both the blocks before it and after it. And, because the blocks are tamper-proof it means that there’s no threat of someone changing or altering the information. This makes blockchain one of the most secure methods of tracking data.
What Are the Practical Applications of Blockchain?
Perhaps the most visible application of blockchain is popular types of cryptocurrency like Bitcoin. Unlike traditional currency, which relies on a centralized authority system, cryptocurrency spreads its network across a huge number of computers. This both makes it more secure and gets rid of the need for transaction fees. However, cryptocurrency is far from the only type of application that can benefit from blockchain technology. Here are some of the other applications:
Banking and finance for instant transactions Healthcare for secure storage of confidential medical records Property records for permanently recorded deeds Smart contracts that fairly carry out agreements when the parties meet all the conditions Supply chains to record the origins of materials purchased Voting to make sure that elections are tamper-proof
Make sure to check out this resource if you want to learn more about how private blockchain is capable of transforming your industry.
Want More Content? Keep Reading
We hope this article helped you answer the question, What is blockchain? While blockchain certainly has some flaws, the advantages of the new tech certainly outweigh any disadvantages. As such, we can expect blockchain to stick around for decades or even centuries to come. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep exploring to find more content that you’re sure to love.
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