At the core of blockchain technology is a publicly shared “immutable digital ledger” — meaning that it’s essentially tamperproof. Bitcoin medal.
(Photo: Karen Bleier, AFP/Getty Images) Answer: 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 digital ledger” — meaning that it’s essentially a tamperproof record-keeping technology.
Ledgers have been part of how humans trade since nearly the beginning of our species and continues to be how we record transactions. Until blockchain, ledgers were generally controlled by a single entity and could be manipulated without others knowing.
Us 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, whether it’s in banking, real estate, taxes or health care, requires us to “trust” the organization that controls it. 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 azcentral.com…
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