Why we love Blockchain (And you should too!) | Benefits of Blockchain
The first thing that comes to mind when Blockchain is mentioned is, Bitcoin! And then comes the thought of the gold rush which follows Bitcoin! Unstable or not, one thing is for sure the Bitcoin phenomenon is not going anywhere. And Bitcoin’s underlying technology, Blockchain is no more hidden. Its disruptive power is here to stay and revolutionize the business world. You’ve got to agree that Bitcoin and blockchain are among the hottest topics at present.
The Brookings Institution said, “The distributed-ledger technology that undergrids bitcoin… could change the financial system; think the Internet before browsers.”
But it’s not just the financial system, Blockchain has slowly spread its tentacles far and wide. Its disruptive influence is bringing some much needed change into every sector it touches. But what exactly is this blockchain that everyone is obsessed with?
Wikipedia describes Blockchain as a list of records which grows continuously and are linked and secured with cryptography. Basically, it’s a shared ledger or database which exists in cyberspace which allows users to track records and accounts. But the main part is its highly distributed nature, which ensures security. This ensures that it’s safe from being tampered or revised, even by operators of the data store’s nodes. Read more…