by Sarah Kimmel Dec 22, 2017 In the past, you would work on a Word document, and while you were editing it, others in your company were unable to access the document for editing. Then came Google Docs, and the ability to edit documents in real time with multiple people.
The same situation applied to databases for applications and software programs. While a program or person was editing one part of the database, it would lock everyone else out of accessing and editing the same data. The creation of blockchain technology has done something similar to the creation of Google Docs.
Through blockchain technology, data exists as a shared — and continually reconciled — database. The blockchain database isn’t stored in any single location and is hosted by millions of computers simultaneously.
According to AWS, Blockchain is the application of a technology in which a list of records, or blocks, are cryptographically linked to one another via timestamps and other attributes. Blockchains are resistant to data modification since the alteration of one block requires consensus across the recorded chain or ledger.
Although blockchain was originally created for use with Bitcoin, the technology is now being used in many new ways. Since the technology is built on a system of checks and balances, its use in the financial sector makes the most sense, but other industries are now also seeing the benefits. Read more from channele2e.com…
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