Blockchain is a decentralized public network that allows people and companies to store and securely transfer information and currency instantly.
The term blockchain also refers to how the data is stored in ”blocks” of information and then linked together in a permanent “chain.” When a new block is added to the chain, it makes the previous blocks even harder to modify, which helps each block become more and more secure over time.
There are several facets that make blockchain technology unique and valuable for many different types of business applications. For example, a blockchain is highly accurate. Every action in a blockchain is recorded and there is nothing left out.
Also, a blockchain is decentralized and not stored on a single master computer or controlled by one company, bank or organization. Rather, it is distributed over many computers that are in the network.
Additionally, a blockchain is permanent and secure. As each block is completed, it joins the other blocks on the chain creating a permanent record of every transaction that is available to all the users of the blockchain in real time.
Blockchain was introduced in October 2008 as part of a proposal for bitcoin, a virtual currency system that eschewed a central authority for issuing currency, transferring ownership and confirming transactions. Bitcoin is the first application of blockchain technology.
The parallels between blockchain and TCP/IP are clear. Just as email enabled bilateral messaging, bitcoin enables bilateral financial transactions. TCP/IP unlocked new economic value by dramatically lowering the cost of connections.
Similarly, blockchain could dramatically reduce the cost of transactions. It has the potential to become the system of record for all transactions. If that happens, the economy will once again undergo a radical shift, as new, blockchain-based sources of influence and control emerge.
Want to learn more? Blockchain Training courses by Tonex are essential for individuals and organizations trying to get a better handle on blockchain technology and all its current uses and future potential.
Our Blockchain Training courses, include:
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