Today we are looking at how Blockchain is changing and has change the Web.
To start let us examine Blockchain adapted from IronChain Capital‘s Resource Center – which has lots of great content like: “What is Bitcoin“, “What is Ripple“, and much more in a first rate Cryptocurrency Guide.
Note: You will also find on our weekly Internet news site a PDF about Bitcoin in Asia and other Cryptocurrency topics.
Blockchain – Overview
Blockchain first came into the public eye as the technology on which Bitcoin is run. However, it is not a single computer program but rather a technology that can be used for many different applications. It is the basis on which all cryptocurrencies are run but it has the potential to power many other types of activities and exchanges from voting to property sales. It is a way to decentralize commerce and put it into the hands of the people.
How Does It Work?
In the simplest terms, it is a type of ledger. Imagine an old school bank ledger where each transaction was written down beneath the previous ones. The earlier entries were not erased when new entries were made. The same is true of blockchain. New data in the “ledger” is added in the form of new blocks in the chain. Old data is never altered or erased and is permanently recorded in the older blocks. This means that information and data can never be destroyed or altered and that the blockchain is a safekeeping system for important and sensitive information.
What Are the Benefits?
It can run within a decentralized network – meaning that no one person or organization is in control of it.
Blockchain is here to stay and is on its way to revolutionizing the way that the world conducts business. As individuals, corporations, and governments experiment with different ways that it can be used, one thing is certain – our world will undoubtedly be enriched with this new technology that has the potential to break down the current financial and banking systems and pave a brave new world of decentralized but stronger networks that will lead to more equality and functionality in the way that our world does business.
Today, it is used mainly to run cryptocurrencies. However, the future possibilities are huge and have the potential to change to world. It may be used in the future to conduct fair and un-hackable voting in elections, stock market trading with lower fees and faster settlement, less expensive and more transparent real estate trading, and even in creating decentralized social networking sites that are truly owned by the people and not run by potentially politically biased corporations.
Video: How digital currencies are our future and the power of this new movement. By
Galia Benartzi who is an entrepreneur and community builder from California and Israel. More
Galia Benartzi is an entrepreneur and community builder from California and Israel.
Related: More here
Related to the above infographic “Blockchain Strategy development in 4 easy steps” see more
“Blockchain beyond Bitcoin” is a lovely infographic via https://www.raconteur.net/infographics/blockchain-beyond-bitcoin Also, of the same Blockchain Infographic, see a full size PDF version.
More about this infographic called “Blockchain Breakdown” via qinsights.net
Infographic via Market-Inspector.co.uk
This article is based on content which first appeared on Cryptocurrency Guide by IronChain Capital.