It's never a bad idea to stay up to date on new technology, especially when it has specific financial implications. Take bitcoin, for example. The digital currency started out as a quirk, but now it's a mainstay in discussions about global finance. ATMs deal in them, and even billionaires have invested in the technology.
Bitcoin is what's called a cryptocurrency - essentially a digital currency to be used anonymously. The real kicker is the innovation behind it, which is known as blockchain. Let's take a closer look at what it is, exactly:
What is Blockchain?
This technology revolves around databases, although it contains information in a different manner. The info is clustered into blocks that are eventually connected in chains. Incoming data goes into a brand new block until it's full. At this point, the block becomes chained to the block before it, becoming the first in line.
A variety of kinds of data are capable of being stored in a blockchain. We'll touch more on it later, but this technology is more often than not used to keep track of financial transactions.
Blockchain can be decentralized to ensure no entity has more influence or control than other users over the system. In particular, there is no ability to alter the nature of data once it has been incorporated into the blockchain. This is an excellent method for virtual book-keeping, as the unchangeable ledger remains permanently visible.
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How is Blockchain used in real life?
It's clear that blockchain technology is great for storing transactional data. Major institutions like Walmart, AIG, and Unilever take advantage of it. One Fortune 500 company uses a virtual ledger to keep track of the process of transporting food items. This has resulted in an increase ability to prevent hazardous outcomes like outbreaks and contamination due to the blockchain's stored records of transport routes, stops, and deliveries.
The healthcare can also benefit from blockchain technology. The medical history of patients needs to be stored safely and accurately. The immutable nature of crypto-ledgers makes this possible on a large scale. To guarantee that the right people do indeed control access to medical records stored in a blockchain, a key can be produced.
In terms of property records, blockchain can be of service once again. Conventional record-keeping renders property management tedious - a paper deed needs to be handed to a government official working at a recording outlet, and from there the data is input into the region's database and its index. In the event that a dispute concerning a property arises, the claims must be evaluated by examining the index. Fulfilling every step of this process takes a lot of time and costs plenty of money. There's also an unnecessary risk of error which wouldn't exist in the event that the data for properties was delivered to a virtual ledger.
Places that are in the midst of some wide-spanning conflict often demonstrate an inadequate financial apparatus. This makes it much more difficult to prove that one owns a property. This concern becomes resolves with a virtual ledger.
Is Blockchain difficult to learn?
Unless you already have a background in information technology or computer science(some samples Computer Training Program Proposal), there might be a bit of a learning curve. As far as the theory behind the technology is concerned, it's not too tricky. Once you grasp the concept of unalterable data being collected in clusters and being linked together, it's mostly a matter of learning to apply the technology to different scenarios.
Actually building such a system is more difficult, although that process can always be outsourced in a pinch.
How do I start studying this technology?
Google is your friend. You can use search engines to find out exactly where and how to get started, but you'll have to learn how to do some programming. Before you're ready to start coding, you'll need to take more advanced courses.
The best teacher is experience, so it might behoove you to get some practice working with a virtual ledger that's already up and running. Seeing how it works in tandem with different industries can help clear up any lingering questions. The sooner you get starter, the better.
