Top Internet of Things Daily & Weekly

What is blockchain?

  • While it is often overshadowed in the news by the technology it powers, such as Bitcoin, blockchain is revolutionising the way vital information is stored and accessed.
  • The rise of cryptocurrencies has allowed blockchain technology to flourish, and its role as a public ledger is proving fundamental to the success of Bitcoin.
  • The peer-to-peer network and timestamping server that makes up Bitcoin’s blockchain allows it to track every transaction on the currency in real time.
  • It’s essential for services such as Bitcoin, which operates the largest public blockchain, as it needs to encourage as many users as possible to its ledger to ensure the currency grows.
  • This means public blockchains often require immense computational power to maintain the ledger, which only worsens as more nodes are added, and predicting how much that will increase is difficult.

The tech that underpins the biggest cryptocurrency in the world is branching out

In 2017 we are not short of new concepts claiming to be innovations in technology and the next big thing. Despite that, few have made as much of an impact as blockchain. Often described as a distributed database, blockchain gives professionals a means to securely store data in ordered records that update in real time. While it is often overshadowed in the news by the technology it powers, such as Bitcoin, blockchain is revolutionising the way vital information is stored and accessed.

The rise of cryptocurrencies has allowed blockchain technology to flourish, and its role as a public ledger is proving fundamental to the success of Bitcoin. The peer-to-peer network and timestamping server that makes up Bitcoin’s blockchain allows it to track every transaction on the currency in real time. Digital currencies simply wouldn’t work without it.

New use cases

Blockchain first emerged as a ledger for Bitcoin in 2008, yet the original creator of the technology remains unknown. The individual widely cited as its creator is Satoshi Nakamoto, yet this is likely a pseudonym and possibly refers to more than one person.

It was primarily introduced to fix the issue of ‘double-spending’, a technical flaw that allowed people to transfer the same digital tokens multiple times. Yet it also allowed for a decentralised currency, free from government oversight and layers of bureaucracy.

Although it’s early years were tied to Bitcoin, it became quickly apparent that a public ledger could…

What is blockchain?