BLOCKCHAIN
Blockchain is a technology that records transactions, known as “blocks,” which contain a cryptographic hash of the previous block, linking them together and forming a chain. SOURCE
These transactions, or matching of unique blocks, are seen and distributed but once the data is recorded it cannot be modified / changed / or altered.
Blockchains serve as “digital ledgers” and maintain the accuracy of your equity or information that comprises the transaction. Blockchain is a decentralized technology that serves to reduce the risk of a security breach or hack since the information is unique and encrypted.
3 Types of Blockchain Networks
PUBLIC
Public blockchains are available to everyone globally that has an internet connection. Anyone can view or perform a transaction. Public blockchains are decentralized.
Bitcoin is the best known example of digital transactions on a public network.
PRIVATE
Private blockchains are used by a single organization and have limited access. You must be invited by an administrator to join a private blockchain.
Private blockchains are not completely decentralized, leaving them at a larger security risk.
Multichain is an example of a private blockchain.
CONSORTIUM
Consortium blockchains, like private blockchains, have restricted access and require an invitation from an administrator. Consortium blockchains are utilized by multiple organizations, and are semi-decentralized.
An example of a consortium blockchain is Corda.
Cryptocurrency Anyone?
For those individuals who ACTUALLY think about these things, the Blockchain is commonly thought of synonymously with cryptocurrency. Most of us do not have a concept of how widespread blockchain is across a myriad of industries and purposes.
From banking to real estate to music, blockchain is transforming the way these industries work. Here are some examples of blockchain technology being used outside of the finance industry.
MUSIC
Spotify acquired Mediachain Labs, a blockchain startup, and is using the technology to connect licensing agreements and artists with tracks on Spotify.
SUPPLY CHAIN
IBM is using blockchain technology to simplify global trade and create transparency.
INSURANCE
AIG worked together with Standard Chartered and IBM to create a smart contract-based blockchain to manage international insurance coverage.
GOVERNMENT
Finland has been working with Essentia.one, a blockchain company, to improve unemployment rates. They are also working on using the technology for border control and logistics.
Buying Crypto is Simple
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