What is Blockchain Technology?

November 16th, 2016 by Rebecca Todd

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.

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