Blockchain technology has significantly grown in popularity. This emerging tech trend has portrayed that it may be the future of tech in various applications. Understanding technology is essential to anyone seeking to leverage technology in their industry.
Building the Blocks
A blockchain is a decentralized and distributed public ledger system. A decentralized system is one in which operations are controlled by members of the system, just like the internet we use; no one owns it, but users control its operations. For instance, in a centralized system, a contract requires both parties to involve a trusted third party to implement the contract terms upon completion. A decentralized system requires no third party as the contract self-executes upon completion of the terms agreed.
Blockchain also comprises of a growing list of records that have been verified by members within a system. The list of records is stored in a series of encrypted packets called blocks then distributed to all members of the system. It is practically impossible to alter the information in already verified blocks as one would have to tamper with data distributed to members, simultaneously. This distribution enhances the security of already encrypted blocks from manipulation.
The blockchain technology is one that seeks to enhance convenience in various applications by ensuring secure automation of activities including payments, data storage and transfer, and contract execution. The technology is essential in speed and minimizing costs of operation for businesses.
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