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Back to the Blockchain basics
Monday 30 July 2018
Blockchain is a much talked about technology at the moment. But what do people actually know about it?
Let’s go back to the blockchain basics
Blockchain is described as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way", according to the Harvard Business Review. Because of this it’s become known as the technology at the heart of cryptocurrencies such as Bitcoin.
The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without regulation or the need to know or trust other parties. But when cryptocurrency was first developed the level of security wasn’t always sufficient enough, leaving users out of pocket to digital cryptocurrency thieves. Enter blockchain.
The blockchain is a virtual, public ledger that records transactions in a secure and transparent manner. By utilising an interlinked network of computers, owned and run by the users themselves, it is incorruptible. As transactions are carried out each point in the network needs to approve the transaction as valid, rather than a single source. So because there is no centralised version of the information for a hacker to corrupt it’s not possible for them to engineer a false transaction or take control of the whole network.
Unlike banks that facilitate transactions with traditional currencies, the blockchain has enabled the free transfer of cryptocurrency through a decentralized environment, in a highly secure way.
Blockchain and IoT
But blockchain has an incredible number of uses beyond just financial transactions. As IoT technology continues to grow, it brings with it many security challenges. Blockchain technology could help bolster IoT security and allow manufacturers to build to scale without compromising on security.
IDC estimates that 20% of IoT devices will have a basic level of blockchain services enabled by 2019. If implemented correctly blockchain technology has the capability to bring many benefits to IoT including protecting devices against attacks.
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