In the past year, several celebrated businessmen have opined that blockchain technology could be on the cusp of transforming the way transactions are conducted across the world. Shark Tank judge and serial entrepreneur Mark Cuban called blockchain “very valuable” and said he thought it would be “at the core” of the majority of transactions in the future. Fellow billionaire Richard Branson went further, saying blockchain technology could bring about an “economic revolution” in emerging economies.
In her annual chairman’s letter, IBM CEO Ginny Rometty said “blockchain is doing for trusted transactions what the Internet did for information.” Blockchain technology might disrupt several industries and publicly traded companies in the coming years.
Image source: Getty Images. To better understand the concept of a blockchain, it might be helpful to remember the three Ds: digital, distributed, and decentralized.
As in, a blockchain is a digitally distributed, decentralized ledger. Broken down to its most simple form, a block is simply a collection of data.
When a block is full, it is added, in chronological order, to the end of the chain and a new block is created. For most cryptocurrencies, the data contains information about the transactions conducted, but a blockchain can theoretically contain any type of data. Read more from fool.com…
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