What's The Big Deal With Bitcoin? Like most good stories, the bitcoin saga begins with a creation myth. The open-source cryptocurrency protocol was published in 2009 by Satoshi Nakamoto, an anonymous developer (or group of bitcoin developers) hiding behind this alias. The true identity of Satoshi Nakamoto has not been revealed yet, although the concept traces its roots back to … [Read more...] about Blockchain Technology Explained: Powering Bitcoin
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.
How the Blockchain Will Change Social Networks
The blockchain is the new technology that people just can't stop seeming to talk about. It's staged to change everything, from currency to digital property to even social media and the attention economy. Some have even taken to calling it the second significant overlay on top of the Internet, aka the trust layer . William Mougayar's The Business Blockchain: Premise, Practice, … [Read more...] about How the Blockchain Will Change Social Networks
The Race is On: How Blockchain Will Change Governments
We are at a global crossing point and if we manage to solve some of the problems that we have created in the past decades, the world can become a better place. When the internet was developed 28 years ago, the objective was to create a decentralised internet. However, somehow, we ended up with an internet which is in the hands of a few very powerful companies. As a result, the … [Read more...] about The Race is On: How Blockchain Will Change Governments
What’s in a Name; 7 Blockchain Benefits for the Finance Industry
A few days ago, The Merkle ran a story that R3CEV, the largest blockchain consortium of banks and technology firms, admitted that the technology they are developing does not use a blockchain and as such they admitted defeat. A day before that article, R3CEV released a story about when a blockchain is not a blockchain to explain that what the R3 partnership is developing is … [Read more...] about What’s in a Name; 7 Blockchain Benefits for the Finance Industry
Is Blockchain the Silver Bullet Needed by the IoT Industry?
It was a matter of time to end up writing an article to talk about the connection between Internet of Things (IoT) and the technology (arguably still in the infancy of its development) that may have the greatest power to transform our world, Blockchain. In a future planet interconnected not just by devices, but by the events taking place across it, with billions of devices … [Read more...] about Is Blockchain the Silver Bullet Needed by the IoT Industry?
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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.
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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.
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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.
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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.
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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.
