“Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. And now that the Internet is big enough and diverse enough, I think we will see different flavors of decentralized technologies and blockchains. I think decentralized networks will be the next huge wave in technology. The blockchain allows our smart devices to speak to each other better and faster.” Melanie Swan, author of Blockchain: Blueprint for a New Economy by Swan, Melanie (2015) Paperback
Blockchain is now making the biggest revolution in the finance industry. As a technologist, we should evaluate and apply the concept of Blockchain without thinking Cryptocurrency. It can unveil many possibilities and can lead to innovations. Cryptocurrency is becoming a distraction to the possibilities of blockchain as people have started using terminologies vice-versa.
What is blockchain technology and why it is safe?
Blockchain provides a protocol for building a shared, replicated and distributed online ledger network. Each participant in this blockchain network maintains their own copy of that database, or collection of organized information.
If you simply put, blockchain is made up of a series of blocks of data that are securely tied together. Since all records are connected to each other, they are entrenched. It is impossible to modify or alter a previous record without changing the copy of every participant in the blockchain.
There are some disruptions too!
Contracts, transactions, and ledger are the defining structures which s