We are in the early stages of the Blockchain era. But what exactly is it? In essence, Blockchain is a ledger of transactions (i.e. payments, data, information). By evenly distributing transactions across a chain of servers or computers, Blockchain ensures the information is secure. In doing so, it eliminates the need for an intermediary (i.e. arbitrator) as the technology isn't owned by a single company or entity, making it available to all.
In the Blockchain, information is stored as a series of blocks. These blocks are signed and locked together in a chain, making the transactions unhackable. Blockchains enable trust through the creation of unique digital elements (e.g. identification certificates, currencies, property certificates, rights of access). Through the digital elements, items can be traced back to the source at any time.
Spreading the Blockchain across servers or computers makes these incapable of being altered or modify. Through code, one can automatically specify conditions which give Blockchain the ability to create contracts for automatic execution. This new approach will transform, accelerate, and ease transactions, allowing for new innovations in products and services. Are you excited for the many possibilities of Blockchain?
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