Terms

Blockchain Technology

Blockchain Technology

Nick Name
Blockchain

Blockchain Technology is a network with no central authority. A definition of a democratized system, this technology is a transparent, trustless, publicly accessible ledger that allows people to transfer ownership of units of value using public key encryption and proof of work methods. Allowing people to reach an agreement known as consensus, blockchain technology has become a promising and revolutionary network that helps reduce risk, and stamp out frauds. Blockchain technology is the brainchild of Satoshi Makamoto, who has gained a lot of attention in a variety of industries including financial services, charities and nonprofits, arts, and e-commerce.

  • Cryptocurrencies are the most known use for blockchain technology
  • Blockchain has many more uses than just for cryptocurrencies
  • Blockchain technologies allow users to encrypt and control how their data is accessed and shared
    • Data is cut into encrypted pieces and stored across the network
    • To hack into the data, a hacker would have to hack the entire distributed network (almost impossible)
    • This is compared to traditional technologies that have a central system
    • With a centralized system, hackers only need to hack it  once to get access to all users data



Use Cases for Blockchain Include:
  • Crypto Currencies
  • Communications (encrypted chat apps)
  • Insurance
  • Lending
  • Social Meda
  • Computing
  • Voting
  • Medical Records
  • Ral Estate Transactions
  • Legal TItle
  • etc. etc. etc.