Blockchain technology

What is a blockchain?

Commonly associated with cryptocurrencies, blockchain this technology in principle acts differently to other methods of internet data distribution. Distributed data online is stored in a single location like a server or data centre. Where blockchain technology differs is the storage of data in multiple locations. Passing data from one device to another with the absence of copying. It can be thought of as a distributable digital database.

Data within a blockchain is shared. It is dynamic and most importantly stored in multiple locations. This makes it very well suited to be publicly accessable.

Bitcoin usage.

Any new technology requires a practical application to become viable. A practical application is all the technology required to generate widespread acceptance, enter Bitcoin. Bitcoin provided a real world opportunity to apply blockchain technology. Providing blockchains with the practical application it required for credibility. This situation was particularly successful given that large financial institutions with funding can drive it. This started the ball rolling and the process of capturing onlookers attention.

Where else can blockchains be used?

With a practical use behind it the technology is being considered with other industries. For instance, in the HR and recruitment industries blockchains are being considered for the storing of CV data. This would allow candidate qualifications and work experience to be verified. In property law, the tracking of property ownership and title deeds is just another example use.

What is the future of blockchain technology?

There is a potential for financial markets to be a slave to blockchain technologies. A transparent global currency could be just around the corner. Blockchains may do what email did to sending regular letters.