Blockchain: a promising future
Posted: Tue Jan 07, 2025 8:10 am
Blockchain is poised to change information technology in the same way that open source software did a quarter-century ago. But also in the same way that it took Linux more than a decade to become the go-to powerhouse for modern applications, blockchain will take years to become a cheaper and more efficient way to share information across open, private networks.
Essentially, blockchain represents a new paradigm in the way information is shared. Tech companies are racing to figure out how they can use this technology to save time and administration costs.
Numerous companies in 2017 began implementing pilot united states of america number screening programs and projects using real-world blockchain technology. “Blockchain is a foundational technology, with the potential to create new foundations for economic and social systems,” said Lakhani, co-author of “The Truth About Blockchain.”
By allowing digital information to be distributed but not copied, blockchain technology has created the backbone of a new kind of internet. Originally intended for the digital currency Bitcoin, the tech community is now finding other potential uses for the technology.
What is Blockchain?
what does blockchain do
Don and Alex Tapscott, author of the book Blockchain Revolution define the term as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually anything of value.”
A blockchain is essentially a public ledger or database of all digital transactions or events that have been executed and shared between participating parties.
Each transfer is recorded in this digital ledger. This way, there is always proof and the communication is completely secure.
Every transaction is verified by consensus of the majority of participants in the system. And once entered, the information can never be erased. Blockchain contains a true and verifiable record of every transaction ever made.
Bitcoin is the most popular example linked to blockchain technology. It is also the most controversial, as it helps enable a multi-trillion-dollar global market of anonymous transactions without any government control. Therefore, it has to deal with a number of regulatory issues involving national governments and financial institutions.
Technology based on trust
what does blockchain do
However, blockchain technology itself is not controversial and has worked without problems over the years it has been in operation. Moreover, it is successfully applied in both financial applications and other sectors.
Today's digital economy is built on a reliance on a certain amount of trust. Our online transactions depend on trusting someone to tell us the truth. It might be an email service provider telling us that our email has been delivered, or it might be a social network like Facebook telling us that our posts have been shared only with our friends. Or it might be our digital bank telling us that a transfer has been made successfully.
Essentially, blockchain represents a new paradigm in the way information is shared. Tech companies are racing to figure out how they can use this technology to save time and administration costs.
Numerous companies in 2017 began implementing pilot united states of america number screening programs and projects using real-world blockchain technology. “Blockchain is a foundational technology, with the potential to create new foundations for economic and social systems,” said Lakhani, co-author of “The Truth About Blockchain.”
By allowing digital information to be distributed but not copied, blockchain technology has created the backbone of a new kind of internet. Originally intended for the digital currency Bitcoin, the tech community is now finding other potential uses for the technology.
What is Blockchain?
what does blockchain do
Don and Alex Tapscott, author of the book Blockchain Revolution define the term as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually anything of value.”
A blockchain is essentially a public ledger or database of all digital transactions or events that have been executed and shared between participating parties.
Each transfer is recorded in this digital ledger. This way, there is always proof and the communication is completely secure.
Every transaction is verified by consensus of the majority of participants in the system. And once entered, the information can never be erased. Blockchain contains a true and verifiable record of every transaction ever made.
Bitcoin is the most popular example linked to blockchain technology. It is also the most controversial, as it helps enable a multi-trillion-dollar global market of anonymous transactions without any government control. Therefore, it has to deal with a number of regulatory issues involving national governments and financial institutions.
Technology based on trust
what does blockchain do
However, blockchain technology itself is not controversial and has worked without problems over the years it has been in operation. Moreover, it is successfully applied in both financial applications and other sectors.
Today's digital economy is built on a reliance on a certain amount of trust. Our online transactions depend on trusting someone to tell us the truth. It might be an email service provider telling us that our email has been delivered, or it might be a social network like Facebook telling us that our posts have been shared only with our friends. Or it might be our digital bank telling us that a transfer has been made successfully.