Blockchain Technology Explained
Blockchain Technology: To this day, we only know that Satoshi Nakamoto is the name used by the unknown person or people who designed the first blockchain to support the Bitcoin cryptocurrency launched in 2008.
OK so what is it?
Blockchain is a Distributed Ledger Technology (DLT). Think of it as a global filing system that is recorded and published in blocks, every addition or amendment of data to a file, creates a chain that links to a new block with the new data.
Designed for optimal cryptographic security, instead of information being saved on a central server system, it is managed by a random (decentralised) peer-to-peer network who are all adhering to a protocol for validating new blocks. Once a block is recorded/published, no data within that block can be altered, unless they go to every single copy of that exact block and make that exact same change… which would require mass collusion of an entire network majority. Thus, it is secure by design and literally ‘safer’ than houses.
This makes blockchain technology (BCTech) potentially suitable for many industries that need to securely record and manage data. It can revolutionise records pertaining to identity, passports, medical, births, deaths, voting, traceability in food, science, medicine… the list goes on! It is the clear definition of a disruptive technology, thus we have seen Governments, authorities and large organisations turn their attention to it.
To conclude, BCTech could be as influential to the way the world works, as the internet has been in the last 20 years.