What is Blockchain Technology?
November 16th, 2016 by Rebecca Norman
A recent article in the State Science & Technology Institute shined a spotlight on blockchain, an emerging technology intended to provide a secure, efficient pathway for billions of devices to transact and share information across diverse platforms.
Blockchain is the web-based database platform behind Bitcoin with significant economic potential.
The blockchain platform consists of constantly growing blocks of data to facilitate peer-to-peer collaboration and track transactions/interactions across a network of computers by both individual users and organizations.
The blockchain database doesn’t have a central authority, which restricts the ability of individuals and organization to tamper with a single transaction or block of transactions. State-of-the-art cryptography is expected to provide protective measures against hacking.
Proponents of blockchain foresee that a dynamic system of startups will be needed to develop blockchain technologies and workers with the skills to develop them.