Blockchain explained: What you can do with this exciting technology everyone is talking about
“Bitcoin” and “blockchain” captured a large part of the conversation in the tech world in 2017, and it will get even more attention this year. Almost everyone seems to be talking about it in one form or another. But what exactly is blockchain? Welcome to blockchain explained — and why it is so exciting.
Blockchain explained: What is it?
Imagine a spreadsheet that has duplicates across the entire network of computers. Next, imagine if the network is designed to update all the duplicates, in case of any change in one copy. Well, that’s blockchain for you.
In other words, it’s a distributed and shared database (or ledger) that is reconciled automatically, so all values are updated as and when any change is made.
Each record or copy is called a block and all the blocks are connected to each other through cryptography. Each block contains a hash that points to the previous block, along with a timestamp and transaction data. This way, there is complete transparency within the network, so the possibilities for theft or fraud is greatly reduced.
Read the entire article here, Blockchain explained: What you can do with this exciting technology everyone is talking about
Via the fine folks at VMware!