What is Blockchain? The question that seems like everybody is asking nowadays. However, undeniably an ingenious invention since it’s beginning has now evolved into something much more significant. By allowing digital information to be distributed but not copied. Blockchain technology created the backbone of a new type of internet. Initially devised for the digital currency Bitcoin, the tech community has now found other potential uses for the technology.
A blockchain is, in the simplest of terms. A time-stamped series of immutable records of data that is managed by a cluster of computers. Which are not owned by any single entity. Each of these blocks of data (i.e., block) is secured and bound to each other using cryptographic principles (i.e., chain).
The blockchain network has no central authority — it is the very definition of a democratized system. Anything that is built on the blockchain is by its very nature transparent. And everyone involved is accountable for their actions.
A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.) The blockchain is a simple yet ingenious way of passing information from A to B. And that is done in a fully automated and safe manner. One party to a transaction initiates the process by creating a block. Thousands verify this block, perhaps millions of computers distributed around the net. The verified block is added to a chain. Which is stored across the net, creating not just a unique record, but a remarkable record with a unique history. Falsifying a single record would mean forging the entire chain in millions of instances. That is virtually impossible. Bitcoin uses this model for monetary transactions, but it can be deployed in many other ways.
Not only can the blockchain transfer and store money. But it can also replace all processes and business models that rely on charging a small fee for a transaction. Or any other transaction between two parties.
Could this method be used also to travel safely and even more secure on the internet? Can this work, or is it just going to get left as an idea from a tv-series? We believe this will happen soon, and we will be lucky to witness this technology.