facebook linkedin twitter

This Week’s Tech Term: Blockchain

This Week’s Tech Term: Blockchain

As one of the most important emerging technologies out there at the moment, speculation about blockchain, and its growing list of practical applications, has run rampant. Soon, someone will come out with a blockchain application that makes and delivers pizzas. In all seriousness, it really holds a lot of promise for the development of interesting applications. For this week’s tech term, we look at the blockchain.

What is the Blockchain?
In the public eye, blockchain has almost exclusively been associated with Bitcoin and other cryptocurrencies. It’s true that blockchain technology is at the core of cryptocurrency, but it is much more. It is essentially a combination of three technologies that have been around for a while. They are:

  • Private key cryptography
  • Distributed network ledger
  • The incentivization of that network’s transactions, record keeping, and security

Since these technologies have been around for some time, pairing them together to make another, more dynamic technology seems like it would be advantageous for maintaining a ledger system that has a secure digital identity reference. Essentially, that’s what blockchain produces.

The main benefit of having a distributed network is that it provides multiple unquestionable validators for any transaction. If a transaction is in the blockchain, it absolutely happened, and, by the use of encryption, users of the blockchain know that no data could have been altered. Any attempt at altering information (in what is called a node) would create its own link in the blockchain; or invalidate the blockchain entirely. The more transactions on the network, the more verifications take place, and the more secure the transaction is.

What to Expect Out of Blockchain?
As was mentioned earlier, there are a lot of potential uses for blockchain technology. These applications will be dictated by the technology’s core features. Obviously, cryptocurrency utilizes blockchain to provide a secure transfer of monetary funds for users. As this technology advances and begins to be leveraged by multinational banking institutions (that are currently investing heavily in blockchain R&D), and nation-states, it may change the way that people around the globe view currency.

Other uses include:

  • Improve equity management and transfer
  • Failproof authentication
  • Provide smart contracts
  • Error-proof recordkeeping
  • Improve cybersecurity
  • Reduce inefficiencies in any number of industries
  • Eliminate election fraud

While it may not be the easiest technology to understand, the applications of it are numerous and could change the world we live in innumerable ways. What do you think of blockchain? Are you looking forward to seeing how it will affect the world around you? Leave your thoughts in the comments below.

A Close Examination of Cyberterrorism
Are Healthcare Providers Meeting HITECH Standards?
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Saturday, January 19, 2019

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Security Tip of the Week Technology Best Practices Privacy Internet Cloud Software Hackers Business Computing Business Management Microsoft Data Workplace Tips Backup Managed Service Provider Productivity Hardware Business Saving Money Network Security Email Malware IT Services Hosted Solutions Efficiency IT Support Google Small Business Computer Quick Tips Mobile Devices User Tips Smartphones Gadgets Innovation Business Continuity Disaster Recovery Android Social Media Microsoft Office Mobile Office Virtualization Network VoIP Data Backup Server Smartphone Mobile Device Management Collaboration Communication Miscellaneous Data Recovery Productivity Tech Term Upgrade Ransomware Windows 10 IT Support Unified Threat Management Windows communications Holiday Facebook Remote Monitoring Operating System Passwords Managed IT services Mobile Computing Cybersecurity BYOD Remote Computing Vendor Management Apps Phishing Users BDR WiFi Marketing Mobile Device Analytics Automation The Internet of Things History Outsourced IT Apple Firewall Data Management Alert Artificial Intelligence Browser Managed IT Services Internet of Things Save Money Encryption Big data App IT Consultant Office Maintenance Bring Your Own Device Printer Antivirus Gmail Spam Health Bandwidth Content Filtering Going Green Windows 8 Outlook Office 365 Budget Help Desk Windows 10 Wireless Technology Two-factor Authentication Tech Support Virus Search Hiring/Firing Cybercrime Cloud Computing Hard Drives Managed IT Lithium-ion Battery Best Practice Information Technology Cost Management Saving Time Business Technology Travel IBM Blockchain Training Update Money Recovery Document Management Employer-Employee Relationship Access Control Phone System Computers Hacking VPN Twitter Intranet Education Applications Risk Management Legal Networking Humor Customer Service Managed Service Administration Regulations Hard Drive Save Time Website Mobility Government SaaS Running Cable Law Enforcement Information Proactive IT Compliance It Management Healthcare Data storage Black Market Flexibility Machine Learning Patch Management Cryptocurrency Telephone Systems Data Loss Customer Relationship Management Fax Server Scam Laptop Augmented Reality PowerPoint User Business Growth Data Breach File Sharing Social Business Intelligence Digital Wireless Project Management Digital Payment Paperless Office DDoS Google Maps Websites Router Downtime Sports Disaster Social Engineering Computing Comparison Tablet Hosted Solution Avoiding Downtime End of Support Company Culture Robot Word iPhone Computer Repair Securty Current Events Social Networking Value Password Cortana Solid State Drive Data Security Excel Hacker Microchip Taxes Processors Distributed Denial of Service Lifestyle USB Streaming Media Presentation Google Docs Experience Gaming Console Public Cloud Redundancy Virtual Desktop Cleaning Specifications Safety Monitors Vendor Webcam Office Tips Evernote Text Messaging Net Neutrality Identity Theft Conferencing Chrome Documents Heating/Cooling Entertainment YouTube Start Menu Tech Terms Storage Politics Unified Communications Settings Virtual Reality Monitoring Emails Mobile Technology Computer Accessories Automobile Chromebook Software as a Service Inbound Marketing Computing Infrastructure Hack Uninterrupted Power Supply Retail Trending Management Mouse eWaste IT service How To Download Co-managed IT Pain Points User Error Private Cloud Bitcoin Data Protection Vulnerabilities Programming Statistics Network Congestion Telephony Bluetooth Nanotechnology Social Network Competition SSID WannaCry Downloads Upselling Desktop Finance Electronic Payment Worker Dark Web Work/Life Balance Processing Corporate Profile Business Cards Service Level Agreement Business Owner Deep Learning Reading Samsung Health IT Time Management Freedom of Information Video Surveillance Startup Asset Tracking Saving ZTime Unified Threat Management Backup and Disaster Recovery Analytic IP Address Employer Employee Relationship Assessment SharePoint Recycling Username Visible Light Communication Memory G Suite Managed IT Service Screen Reader Customer Resource management Product Reviews Application Hacks Physical Security Google Calendar Gamification Human Resources IT consulting Best Practives Licensing Bookmark Tip of the week Distribution Banking Botnet Google Play VoIP Harddrive Piracy Upload Read Relocation Tablets Touchscreen News Debate Smart Tech Processor Knowledge Fiber-Optic Database CIO Microserver Consultation GPS HTML Advertising Flash Sync Virtual Assistant External Harddrive Telephone System Digital Signature Staffing Google Wallet Notifications CCTV Technology Tips Mobile Security Device Management Windows XP Browsers Multi-Factor Security Cost Teamwork Business Managemenet Society Business Metrics Computer Malfunction Security Cameras Audit Software License Trends Content Management Displays Get More Done Reliable Computing User Tip Fake News Printer Server In Internet of Things Navigation Thin CLient Fraud Tactics Micrsooft Turn Key Data Warehousing 3D Ebay Devices Emergency Hard Drive Disposal Smart Phones Drones Access UTM Content online Currency PDF Trojan Data Analysis Legislation Error Best Available Keyboard Organize Motion Sickness GDPR Computer Care IT Plan Enterprise Resource Planning Scalability Microsoft Excel Language Tech Leadership email scam Addiction Domains Messenger Tracking Google Drive Windows Server 2008 Adminstration Pirating Information Accountants A.I. LinkedIn Permissions Vulnerability Public Speaking Rental Service Meetings Spyware Mobile Payment Multi-factor Authentication Fileless Malware Wireless Headphones Telephone Skype Shortcut Music Web Server Modem Electricity Printing Migration Connected Devices Archive switches Writing Cabling Proxy Server Wi-Fi Webinar Administrator Term Network Management Troubleshooting Upgrades Books Workers Electronic Medical Records Windows 7 Equifax Fleet Tracking Entrepreneur Point of Contact HIPAA Supercomputer cache Television Device security MSP Environment LiFi Directions Cooperation CrashOverride 3D Printing Medical IT Managing Stress Capital Regulation Productuvuty Printers

toner1