While all the hype is about Bitcoin the masses are missing is the real star. The Blockchain – and Blockchain is not Bitcoin. While mainly used for cryptocurrency these days, the potential for the Blockchain’s cryptographic process is unlimited.
Blockchain is not Bitcoin
Many people confuse the blockchain technology with the Bitcoin implementation. While Bitcoin is easily the most famous blockchain it is far from the only. These days there are many, many other cryto-currencies utilizing a blockchain. However, the applications and implications of the blockchain go well beyond cyber currency.
What is The Blockchain?
The simplest way to think of the blockchain is to imagine a ledger. Now imagine a collaborative ledger keeping track of transactions by verified users. It stores those transactions on the network. Those transactions could be anything that two users agreed on. Bitcoins, deeds, medical records – anything that can be represented digitally. Depending on the rules of the system, the network then validates and stores the transaction. Once validated the transaction (Block) is added to the chain and distributed over the network.
That is a very simplified version of a blockchain. There is much more you can read if you are interested in miners solving blocks, maths, proof-of-work, etc…. Additionally keep in mind that the blockchain does not have a centralized server or storage. It’s decentralized and distributed so it is stored by the users themselves.
We think that the blockchain will revolutionize how many digital tasks are accomplish. Let us know what you think in the comments below. If you want to talk about a blockchain idea privately, just click over here.