Categories: Industry Trends
Tags: Architect, Data, Struggles with Software
What is Blockchain?
“Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” –Don & Alex Tapscott, authors Blockchain Revolution (2016).
The era of Bitcoin fabricated a new data management invention called blockchain. Blockchain is quickly creating a new backbone for the internet. Over the past year, Swan Software Solutions has received more and more projects requiring the implementation of Blockchain technology. We believe Blockchain will continue to transform how the market place stores and shares information transactions. So what is Blockchain?
How Blockchain Works
As a simple definition, information incorporated with blockchain is unchangeable blocks of data shared over clusters of networks. Each block is chained to the one either before or after it using cryptographic codes. In doing this, no additional information can be altered or inserted where it does not belong. Falsifying a single data entry would mean falsifying the entire chain in multiple occurrences.
A blockchain property does not have one stored location. Rather, it is shared over a network of transparent systems. When someone creates a block, the block is shared and verified by the shared network of the chain. Once all participants in the data transaction agree to its details, that information is identified and signed as to its purpose.
Blockchain networks are changing how the marketplace works. Blockchain is a simple yet brilliant process of storing and sharing information in a secure manner. Blockchain removes the “middle man” and decreases errors made when transferring information from one network to another. All blocks must be approved and validated by all parties before it can become a permanent block in the chain. Once a block is confirmed, no one can alter our falsify the information contained within it.
Do you have experience using blockchain? Let us know your thoughts! If you want to keep up with technology trends, we encourage you to follow along with our blog!