A: With the hype surrounding cryptocurrencies continuing to grow, more people are hearing about the underlying technology known as blockchain. At the core of blockchain technology is a publicly shared “immutable distributed ledger.”
It’s essentially a tamper-proof record-keeping technology. LedgersLedgers have been part of how humans trade since nearly the beginning of our species and continue to be how we record transactions.
Until blockchain, ledgers were generally controlled by a single entity and could be manipulated without others knowing. We old-timers also remember the time-consuming, error-ridden manual record-keeping on green ledger paper for sales transactions or inventory tracking, which is why VisiCalc, the first electronic spreadsheet, was such a game changer.
With only one copy of any ledger, it’s easy to manipulate the data when no one is watching. Today’s private ledgers — be they in banking, real estate, taxes or health care — require us to trust the organizations that control them.
This middle-man model is also how so many global organizations have become so powerful. We’re required to use them in order to execute a transaction. Read more from azfamily.com…
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