Big business will always drive innovation, and the rise of blockchain-based smart contracts (read on for a deeper explanation) turns blockchain into a middleman to execute all manner of complex business deals, legal agreements, and automated exchanges of data. The power of blockchain's distributed ledger technology has applications across every kind of digital record and transaction, and we're already beginning to see major industries leaning into the shift.įirst up are the big banks and tech giants. No third-parties serving as the gatekeepers of the internet. Because of that decentralized trust, there's also no one organization controlling that data, be it a big bank or a tech giant like Facebook or Google. Everyone in the network can see this shared transaction ledger, but there is no single point of failure from which records or digital assets can be hacked or corrupted. Hence blockchain.Ī blockchain is made up of two primary components: a decentralized network facilitating and verifying transactions, and the immutable ledger that network maintains. In effect, you know, chaining those blocks together.
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These records are called blocks, and each encrypted block of code contains the history of every block that came before it with timestamped transaction data down to the second. Think about a blockchain as a distributed database that maintains a shared list of records.
Then the chain stitches that data into encrypted blocks that can never be modified and scatters the pieces across a worldwide network of distributed computers or "nodes."
Think of blockchain as a historical fabric underneath recording everything that happens-every digital transaction exchange of value, goods and services or private data-exactly as it occurs. We log into apps and services that make up our digital selves and send information back and forth. But in a world where anyone can edit a Wikipedia entry, blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online?Įvery year we run more of our lives-more core functions of our governments, economies, and societies-on the internet. It's not an in-your-face innovation you can see and touch as easily as a smartphone or a package from Amazon. Best Hosted Endpoint Protection and Security Softwareīlockchain isn't a household buzzword, like the cloud or the Internet of Things.
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