Blockchain Makes Security Better
Given the already significant technical impact the Internet has had on society and economies, a new technology has emerged that portends to radically transform network connections and make global data flows even better. The technology is known as Blockchain.
When deployed across a network, Blockchain can remove inefficiencies, increase trust and security, and enable new technological advancements without the need for middlemen , the primary beneficiaries of the Internet economy in the current paradigm.
Blockchain as defined by Wikipedia is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a time stamp and transaction data. By design, Blockchains are inherently resistant to modification of the data. A Blockchain can serve as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger a Blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
The Blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, Blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $xxx (many $’s since so active) US. And Blockchain can make other types of digital value. Like the internet (or your car), you don’t need to know how the Blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
In fact, the hype behind Blockchain has been at an all-time high, thanks largely to dramatic increases in value of many of the world’s cryptocurrencies that use this technology as their underpinnings. While a lot of the hyperbole gives many reasons to be excited, the statement “Blockchain can change the world” needs to be amended with the statement, “…if the user has connectivity.”
Without connectivity, the power and potential of Blockchain—and decentralized networks in general—is much reduced.
Here is a good article from MIT Management Sloan school (click here)
Here is another one -The Best Articles to Learn about Bitcoin, Ethereum, and Cryptocurrency (click here)
The Blockchain the internet of Money (click here)
Decentralizing Everything with Ethereum’s Vitalik Buterin (click here)
Information Technology, Infrastructure Security, Cloud & Virtual Architecture.
I am an Irvine, California native since 1978 and California State University Fullerton(CSUF) Computer Science Graduate. I have spent over 25+ years in Southern California and Studying Information Technology, DevOPS, Software Development, Network Architecture, Network and Cloud Security, AWS, Artificial Intelligence, Natural Language Processing and more.