Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be…
Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare.
Writing in www.builtin.com, a tech expert, Sam Daley, says a simple analogy for how blockchain technology operates can be compared to how a Google Docs document works. “When you create a Google Doc and share it with a group of people, the document is simply distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the base document at the same time. No one is locked out awaiting changes from another party, while all modifications to the document are being recorded in real-time, making changes completely transparent. A significant gap to note however is that unlike Google Docs, original content and data on the blockchain cannot be modified once written, adding to its level of security”, Daley said.
Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates critical ideas of the technology.
Why is blockchain important?
Blockchain is an especially promising and revolutionary technology because it helps to reduce security risks, stamp out fraud and bring transparency in a scalable way.
Continue reading: https://dailytrust.com/understanding-blockchain-technology
Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare.
Writing in www.builtin.com, a tech expert, Sam Daley, says a simple analogy for how blockchain technology operates can be compared to how a Google Docs document works. “When you create a Google Doc and share it with a group of people, the document is simply distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the base document at the same time. No one is locked out awaiting changes from another party, while all modifications to the document are being recorded in real-time, making changes completely transparent. A significant gap to note however is that unlike Google Docs, original content and data on the blockchain cannot be modified once written, adding to its level of security”, Daley said.
Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates critical ideas of the technology.
Why is blockchain important?
Blockchain is an especially promising and revolutionary technology because it helps to reduce security risks, stamp out fraud and bring transparency in a scalable way.
Continue reading: https://dailytrust.com/understanding-blockchain-technology
