What is Blockchain Technology?
We are always hearing about blockchain in the news and from people around us, but what really is it? Let’s break it down:
The technology is not owned by anyone. There are numerous analogies to explain how this technology works. One author, William Mougayar, compares blockchain to Google Docs. The technology is collaborative— meaning anyone can add to the chain of data and has equal access to view the contents as they update live.
Each “edit” is a new block at the end of the chain. Like Google Docs, blockchain records each new edit. Every time someone adds information, it is inserted at the end of the chain. After the transaction is posted to the ledger, you can’t go back and alter it. This is a big reason why banks are so interested in the technology, it can make financial data more secure.
The technology is incorruptible. The technology cannot be hacked or altered. It can securely transfer data and information across the internet.
The Future of Blockchain
We believe that blockchain is the future of business. Banks will be first in line to invest in the new technology, but we believe all industries will eventually be affected. The secure movement of financial data and transactions to avoid duplicates or errors from happening will allow businesses to send documents more securely.
This new technology has taken the world by storm and as business owners, we need to start paying attention to it. We will continue to hear about blockchain in the news and we are all interested to see how banks respond. For now, we just have to watch how it moves across industries and how companies take advantage of it.
Keep up with us to hear more about blockchain and how the technology is evolving!
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