“Virtual currency technology, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-Senator.
Overtime, technological advancements have been emerging to remold our world and our individual perception. These advancements play an agenda setting role in its sphere of influence as they go a long way to dictate what is currently acceptable and what is considered obsolete.
It appears to be one of the terms which at first perception, send ‘chills down the spine’ of some hearers.
Blockchain being one of the fast pacing advancements has had diverse misconception plotted to its original meaning.
Beyond the noise about the concept of Blockchain, it is worthy of note that a majority of the mass have a limited understanding about this concept even very high profiled individuals who claims to know a thing or two about the digital innovation – Blockchain.
Many have understood it to be another malicious Ponzi scheme while others have neglected it to be one of the “Unprofitable Noise” in vogue.
Blockchain is a string of two words that in simple terms refer to the storage of digital information in public database.
BLOCK; refers to the digital information
CHAIN; refers to the public database where the digital information is stored
Contrary to popular opinion, Blockchain technology is a time-stamped series of immutable records of data managed by a cluster of computers not owned by any single entity. Each block of data is secured and bound to each other using cryptographic principles; the practice and study of techniques for secure communication in the presence of third parties called adversaries.
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The one distinctive industry-disrupting abilities of the Blockchain technology is that it does not have a central authority; it is transparent and democratic in nature, giving you room to be accountable for your actions and undertakings.
Being a shared and immutable ledger, the information in the chain is exposed to everyone to see.
The Blockchain technology is an umbrella for digital money transaction (Cryptocurrrency, bitcoin, etc). Not only can the Blockchain transfer and store money, but it can also replace business processes and business models that rely on charging fees for transactions. Hence, it is cost-free.
The technology is here to disrupt traditional transaction flow. It is fast moving us past the phase of FIAT money to cyber/digital money.
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