Blockchain Technology in a Nutshell
When we say Blockchain, many people would instinctively think Bitcoin. However, there is so much more to this revolutionary technology than cryptocurrencies. With admirers including Bill Gates, Richard Branson, and increasingly our banks, isn’t it time you got your head around the Blockchain?
Let’s explore what Blockchain is, and why it is causing such a stir in industry.
Blockchain is a shared data structure for managing transactions. As a peer-to-peer system it directly connects suppliers with consumers, cutting out the need for middlemen.
Originally designed to support crypto-currency, the development of Bitcoin has been driven by a desire to reject government guaranteed money and bank-controlled payments. The main purpose of blockchain is to enable transactions without friction, intermediaries, regulation or other trust parties.
By securing exchanges via cryptography, the Blockchain creates a shared database of transactions that is available to everyone on the network. And the network, (essentially a chain of computers), must approve an exchange before it can be verified, recorded and completed.
So, why is it popular?
The technology can support almost all types of transaction, including money, goods and property. Its potential uses are almost limitless: from collecting taxes to simply sending money across the globe.
Blockchain based transactions can also help to reduce fraud, owing to the technologies public access and ability to secure data.