What is blockchain?
Blockchain technology is based on cryptography, which is used in movies like “The Imitation Game” and “The Da Vinci Code”.
Blockchain tokenizes objects, such as two buyers, and displays a digital record of their interaction, or in terms of Bitcoin their transaction, for everyone within the network to view. Each interaction is called a "block." When an interaction is executed, it enters the transparent record book of interactions, which cannot be modified by any party. This creates a clear accountability trail for all interactions. The creation of additional blocks within the chain can be done by anyone within the network making the record transparent and easily verifiable by all. Blockchain empowers all network users to access and patrol the network's activities, minimizing the need for an information gatekeeper.
Meanwhile, the tokenized objects, such as two buyers, cannot be seen or deciphered without the correct codes. What makes blockchain so secure is the need for two unique codes held by two different parties in order to decrypt and understand who completed the interaction. The degree of anonymity and privacy amongst network members can be adjusted at during the creation of the network.
What makes blockchain technology so revolutionary is its decentralization of information. Blockchain decentralizes information by storing it on each individual computer in the network rather than in one centralized server or data center. Due to the decentralization of the information, hacking the system is rendered useless since there is no one server that holds the magical key that can crash the system.
BLOCKCHAIN IS A TECHNOLOGY THAT ALLOWS PARTICIPANTS WITHIN A NETWORK TO ACCESS A DECENTRALIZED RECORD OF ALL INTERACTIONS FOR MAXIMUM TRANSPARENCY AND ACCOUNTABILITY.
BLOCKCHAIN IS AT THE FOREFRONT OF TOMORROW’S TECHNOLOGY.