What’s the Deal With the Blockchain?

With things like cryptocurrencies and NFTs flooding the public awareness, the term “blockchain” has been brought up more than a few times. However, this association hardly covers what the blockchain is or what it is capable of.

Let’s briefly review what the blockchain really is, and what the technology can do.

The Blockchain is Nothing More Than a Distributed, Immutable Ledger

So, what does this mean?

In other words, the blockchain is a means of recording information in such a way that it is effectively impossible to manipulate, as this record is replicated across the network of devices that create the blockchain. Every transaction made (a block) is recorded in this network (the chain), which means that any attempt to edit information results in a new block being created.

The only way that this information can be changed is if every single block in the chain is simultaneously altered—requiring anyone trying to change that record to infiltrate each and every device in the chain simultaneously, which potentially means hacking dozens or even hundreds of endpoints all at the same time.

This Gives the Blockchain Assorted Advantages

For example…

The Blockchain is Very Secure

The distributed nature of the blockchain, and the fact that it relies on digital signatures, makes the prospect of fraud nearly impossible due to the scale of the network and the need for the digital signatures in order to change data as well.

The Blockchain Enables Automation

Transactions can be set up to be completed when different triggers are fulfilled, allowing you to focus on other matters with the confidence that the blockchain will attend to what you have previously instructed it to do.

The Blockchain Saves Time

Finally, while many traditional transactions need to go through numerous, time-consuming steps, the blockchain can reduce the time you need to spend on these processes from days to mere minutes.

How Can Your Business Put Blockchain to Use?

There are actually quite a few ways that the blockchain can be used by businesses of all sizes, from supply chain management, smart contracts, and others. Reach out to us to learn more about how you can use various technologies with our help to benefit your business. Give us a call at 1300 363 308.