Unlike the banks, blockchain technology provides a decentralized system using DLT which is a distributed ledger technology allowing for global data to be stored on thousands of servers. The good news is, unlike the banks it is hacker-proof and rewards investors of all levels handsomely. So, don’t be amongst the people who are so resistant to change that you miss out on the next big move. For proof that this is the future, find a list of savvy businesses (well-known names) who are now investing in blockchain here
A dictionary definition of blockchain is that it is, “a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network. “We can actually have a look at the blockchain and see evidence of what’s going on”.
So What Is A Blockchain Really?
A blockchain is a growing list of Records links used in cryptography and a Wikipedia definition lists these key points, namely:-
- It is also resistant to modification of the data which helps in its high-level security.
- Is an open distributed ledger that can record transactions between two parties efficiently in a verifiable and permanent way.
- As a distributed ledger a blockchain is typically managed by a peer-to-peer network collectively adhering to protocol for internode communication and validating new blocks.
- They are considered secure by design.
- Blockchain was invented by a person or group of people using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency Bitcoin.
For more on blockchain technology go to Wikipedia.
Another thing to note is that blockchain using cryptocurrency puts you in control of your own personal data.
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