Wondering what block chain technology is? Read on as I let the experts explain it to both you and me in this collaborative post!
Unless you have been living under a rock these past few years, you have probably heard at least a little something about blockchain technology and how it might be useful for businesses and personal use.
Blockchain is the technology underpinning cryptocurrency, but there are many more potential uses for it than that, and actually the chances are that you have used blockchain-like technology at some point in your life.
If you have ever used Google Docs, you have used blockchain technology.
So what is it, and how can it benefit your business? As it happens, blockchain can provide you with a number of distinct advantages, which we are going to discuss here.
What is blockchain & how can it benefit a business?
The biggest advantage of using blockchain technology is that it affords a much greater security for your data than anything you are likely to be used to.
It’s hard to understand why this might be without grasping the technology itself, so it’s worth looking into if you are keen to get to grips with it as best as you can.
A blockchain is a chain of blocks of data, each of which contains a special kind of cryptographic code which contains information on the data of the previous block, as well as the key for the succeeding block.
Because of this, the only way to replicate any of the blocks of data is to alter all of the blocks of data - and because to do so means solving all of those cryptographics hashes, it takes enough time that you can never catch up with the current, real chain of blocks.
Any blockchain fork needs to be resolved as it occurs, which takes the consent of the entire network. So a hacker attempting to copy your data would simply not be able to do it.
That’s clearly a huge advantage for anyone, but it’s not just an increased sense of security that is drawing more and more businesses to blockchain technology. It is also an incredibly fast way of storing and accessing data, and it’s likely that it will soon become the next best way to do this very soon.
Because the data is not stored anywhere centrally, it is much faster to access and to load, which voer time can make a huge difference to your business and how you do things.
You might find that it makes everything much easier and quicker to do, and it’s definitely worth thinking about for that reason too.
Blockchain is the best way that we currently know of to be able to share data with whoever you want in a secure manner which is also fast.
It is this convenience which makes it so powerful.
With blockchain you can effectively have everyone in your business working on one document at the same time (think of the Google Docs analogy again) and this is clearly a great boon to anyone wanting to run their business more effectively.
This kind of convenience doesn’t come around very often, and it's worth making use of when it does!