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We have all heard of Bitcoin. And we have various levels of understanding of it and the myriad of other cryptocurrencies that have popped up since. We may have even less understanding of the technology behind the cryptocurrency craze – blockchain. It is complex, and we are just beginning to see skilled developers with the expertise to both understand it and to set up the technological architecture of blockchain, in any number of sectors – healthcare, education, insurance, travel, governments, and more. It is becoming a favoured technology and major disruptor.
The Value of Blockchain is Clear
There are four main features of the technology.
1. Decentralized Validation
Any transaction that occurs is recorded in a block, detailing the transaction, and the block in which it is recorded is added to a chain of blocks. This only occurs after consensus is achieved among participants in the transaction.
The chain is replicated on a group of networked nodes, so that no individual point of failure can corrupt the transaction.
3. Immutable Storage
Hackers cannot corrupt the data in the blocks, because they would have to corrupt all of the blocks before it and after it, and time and date stamps would have to be altered.
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