Distributed ledger technologies such as Blockchain are a hot topic at the moment. Startups incorporating blockchain technology are raising hundreds of millions of dollars using a new form of crowdfunding called the Initial Coin Offering (ICO). Many of these startups offer new solutions for existing problems or are adapting existing services with Blockchain to differentiate … [Read more...] about Blockchain and Voting; How to Change the Democratic Process
Blockchain
The future of money may be blockchain. This technology is quickly changing the way we do business, and it has huge implications for organisations. Here's everything you need to know about blockchain technology.
3 Questions for Blockchain, if it is to help Analytics Leaders
Ever since completing our popular series, sharing resources from the #CityChain17 blockchain conference, I've been ruminating on some fundamental questions for blockchain. These are questions relevant to Data & Analytics leaders, especially if blockchain technologies are to fulfil their potential of moving beyond pilot stage. Each deals with a different aspect of the key … [Read more...] about 3 Questions for Blockchain, if it is to help Analytics Leaders
3 Ways Blockchain Will Change Our Financial Lives Before 2020
If you haven't completely wrapped your head around the concept of Blockchain technology, you're not alone. Most people haven't even heard the word, and those that have are unlikely to have even a fuzzy conception of what the technology is about. If you're in that boat, here's a quick explanation of what it is, before we get into the ways it is going to change our lives before … [Read more...] about 3 Ways Blockchain Will Change Our Financial Lives Before 2020
How Blockchain and Big Data Could Transform Healthcare
Are you aware of the digitization of health information and what that could mean for a technology like blockchain? In 2009, with the passage of the HITECH Act, electronic health records (EHRs) started to emerge as the standard for healthcare organizations. HITECH (Health Information Technology for Economic and Clinical Health) provides incentives for hospitals and other … [Read more...] about How Blockchain and Big Data Could Transform Healthcare
Learning about Blockchain and Relevance to Analytics leaders (part 2)
Continuing our two-part series, learning about Blockchain and relevant lessons learnt from attending #CityChain17 event. As mentioned in our first post, this event was organised by MBN Solutions and held at IBM's spacious SouthBank offices (which offer great views across the Thames on a sunny day). Following the morning sessions, covered in part one, our next speakers focussed … [Read more...] about Learning about Blockchain and Relevance to Analytics leaders (part 2)
What is blockchain?
Blockchain is a type of distributed ledger, or a growing list of records, called blocks, linked together using cryptography. Each block contains a timestamp and a link to the previous block. Blockchain is often used to verify and oversee transactions, such as real estate or cryptocurrency purchases or diamond trades.
Beyond this, however, blockchain technology has the potential to revolutionize many industries, but it’s still in its early stages of development. Today, blockchain technology is also used to create new applications, such as contracts and supply chain management systems.
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How does blockchain work?
At its most basic, a blockchain is a digital ledger of transactions. When someone wants to make a transaction, they broadcast it to the network, and the computers in the network verify it. Once verified, it is added to the blockchain as a block. Blocks are chained together, forming the blockchain.
This chain is distributed across the network, so everyone has a copy. Transactions are secure because the network verifies them before they are added to the blockchain. And because everyone has a copy of the blockchain, it is tough to fraudulently add or remove blocks from the chain.
Who owns blockchain?
No single entity controls the technology. Instead, blockchain is maintained by a network of computers all over the world. However, we can trace the origins of blockchain back to a single person: Satoshi Nakamoto. Nakamoto is the pseudonym used by the person or team who created the first-ever cryptocurrency, Bitcoin.
Why is blockchain important?
Blockchain is important because it is secure and tamper-proof. Transactions recorded on the blockchain cannot be changed or deleted, making it an ideal way to track financial transactions. In addition, blockchain is transparent – anyone can view the transaction history of any given address.
This transparency helps to ensure that all transactions are legitimate and that no one is trying to cheat the system. Finally, blockchain is decentralized, which means that no one person or organization controls it. This makes it resistant to manipulation and creates a level playing field for all users.
What companies use blockchain?
From start-ups to Fortune 500 firms, many businesses are incorporating blockchain into their day-to-day operations. In doing so, they are improving efficiency and transparency and opening up new opportunities for innovation.
How is the blockchain changing money and business?
A blockchain is a powerful tool because it is distributed across a network of computers, making it virtually impossible to tamper with. This makes it an ideal tool for tracking sensitive information. For example, many banks are now experimenting with using blockchain to settle international payments, which can significantly reduce transaction times and costs.
Blockchain is also being used to create an immutable record of digital assets, such as copyrights and votes. As technology continues to develop, there are endless possibilities for how it can be used to change the way we do business.