Blockchain is a form of technology that had over $1 billion invested in it in 2016 alone. While this technology is far from new, it is one that grew in popularity thanks to Bitcoin. With it, a digital ledger is created that allows online records to record transactions, and ensure that all information is verified by another source to confirm accuracy. The network created by blockchain scans a number of computers within the same network. With each transaction, the size of the database grows and the number of users that access and manage the transactions increases.
Unique software is required for a blockchain to be run. When it is created, it is near instantaneous, and that means there isn’t the ability to alter transactions before they become recorded. This cuts down on the risk of fraud in most sectors which makes it appealing. It is also encoded and hashed in batches, so that the blocks of several bits of data create a chain. This allows for validation to occur at the same time, and protects the security of the system running it. Each time a transaction takes place, a unique transaction number is encrypted that show everything that took place in the transaction. Since several computers make up the different portions of the blockchain, it is nearly impossible for fraudulent activity to occur.
While Bitcoin and virtual currency is still where the bulk of blockchain is used, many companies are searching for ways to add it to their own applications beyond currency. This would help to reduce conflicts that are the results of disputes and even things like land rights, or legal items could be verified and the accuracy and lack of fraud would ensure that sensitive items such as these would constantly have more authenticity and reduce many legal woes.
However, not everyone is on board yet. Some companies are still concerned that since this technology is still in a relatively infancy, there is a need for proven transparency and someone to remain accountable for the data that is obtained. Since the process is also labor intensive, there would need to be dedicated users who solely work on the blockchain that is being handled. This would need to be people who have a basic understanding of IT and the way that it would be used for blockchains.
Another concern is the amount of resources it would take. There would need to be high end machines that handled the resource intensive nature of the software. Additionally, companies would need frequent access online to continue update and building the information. With more countries blacking out sections of the internet, this could prove to be a problem.
Blockchains are destined to become a more significant part of our industry. It is important that the technology is continued to be advanced, so more companies have a chance to benefit from it. After all, it is the technology that will help to boost security and ensure that there is something in place we can depend on. With Bitcoin showing it is already possible to succeed with this technology, there is little doubt that success will be had.
About Bill McCabe/ Internet of Things Recruiting – Executive Search/ Retained Search for the Internet of Things/ Machine 2 Machine/ Big Data Markets
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