What is blockchain used for? References to blockchain technology can be found in the mainstream media, on the internet, and in publications such as Forbes, Time, The Economist. Blockchain is a decentralized ledger technology (DLT) that not only includes a virtual coin called bitcoin but also allows you to use its system to manage data securely among untrusted parties.
Block chain is one of the most promising technologies that emerged from the modern age of the internet. In just a few years since it was first introduced in 2008, it has grown from humble beginnings as the software underpinning cryptocurrencies to a revolutionary game-changer, for a variety of industries.
A blockchain consultant analyzes your blockchains and determines why it works or doesn’t work. He can also tell you what to expect from block chain technology moving forward. A blockchain consultant is knowledgeable in all things related to the system. He will examine the existing contracts and even help you manage the system if he thinks it will benefit you.
Have you ever heard about cryptocurrency blockchains and have no idea what’s it about? In this article, we’ll go through the fundamentals of blockchain technology and try to answer the question: What is blockchain and how can I use it in everyday life?
Block chain is a technology that underpins the success of cryptocurrencies like Bitcoin, Ethereum, and Litecoin. But it is also becoming a hot political topic for its potential to disrupt many businesses and entire industries with its innovative decentralized network system.
Blockchain Explained
The purpose of using a block chain is to be able to exchange information and value with anyone around the world, without requiring a trusted third-party or intermediary. This makes blockchains useful for many purposes, including distributed cloud storage, identity systems, and even voting.
The most common application of block chain technology is the digital currency Bitcoin, which was invented by Satoshi Nakamoto in 2008. This peer-to-peer platform creates a timestamped public record to ensure that no one can alter transaction records. It uses cryptographic techniques to ensure that everyone in the system can only add entries to the ledger and no one can delete or falsify them.
The 3 Main Types of Blockchains
- Public Blockchain – All participants have an equal say in voting for changes or to maintain the network. Public blockchain can be used by anyone, but that doesn’t mean they’re anonymous. The identity of the participants is public and transparent, meaning that their transactions can be verified by anyone. However, you will only know their addresses (public key) and not their identity.
- Private Blockchain – Only authorized parties can access the network. They decide who gets to join them in the network and what they can do with it. This network is controlled by an organization that owns it, which makes it centralized and less secure because there is only one point of access/attack.
- Permissioned Block chain – A mix between private and public block chains where only specific identified members are allowed access to information and transactions on this network. In this case, permission
If you or your business is talking about block chain technology, whether it’s in an organization or not, then you need the services of a cryptocurrency expert who can build a custom blockchain application and turn your idea into a successful online project.
At CleverX, we are a team of highly qualified blockchain consultants, who can assist you in evaluating a business case for blockchain technology. We have experience with enterprise and startup projects, incorporating well-known block chains such as Hyperledger Fabric and Stellar. Visit us to learn more about blockchain.
