Blockchain technology is a massive, open, electronic ledger sort of like an endless Excel spreadsheet that is still in its infancy.
It seems like the whole tech world is abuzz about blockchain, from bitcoin fanatics to executives at major Wall Street institutions. But if you’re scratching your head about what this new technology is or how it could help your business, remember blockchain is still in its infancy.
So, what the heck is blockchain? Imagine a massive, open, electronic ledger. Some folks like to envision an endless Excel spreadsheet — only this one is decentralized and encrypted, meaning there’s no one authority with exclusive control over the ledger. This giant ledger can accept transactions from many sources, such as banks and asset managers. Because of this, an open consensus occurs for every transaction, and changes can’t just be made on the fly, leading to a super secure environment.
“Blockchain is a very new technology. It’s much like the internet was in the early ’90s. We’re just now starting to see people building applications and making it easier to use the technology,” said David Gobaud, founder of Mobius, an API that makes it simple for developers to start using blockchain features.
Don’t confuse blockchain with bitcoin
Bitcoin may be the first thing that pops into your head when you think of blockchain, but they aren’t the same thing. The cryptocurrency bitcoin is just one example of blockchain technology in use, and perhaps the most popular mainstream example. However, bitcoin runs on blockchain technology; it’s not synonymous with blockchain itself.
“Bitcoin is digital gold. People can track digital money, but blockchain is the underlying technology behind it,” Gobaud explained.
Source/More: What You Need to Know About Blockchain Technology
