Blockchain technology has been at the center of media attention due largely to bitcoin, an upcoming digital currency that uses blockchain technology, increasing in value, netting investors unheard of returns. However, not many people actually understand what blockchain itself is.
Simply put, a blockchain is a distributed, immutable ledger or database that stores records, known as blocks. Blocks can store various kinds of information; in the case of bitcoin, blocks store information about financial transactions. These blocks, which collectively form a “blockchain,” are stored on various storage devices or nodes, which ensures that no single person or entity can manipulate the ledger or database without everyone else knowing.
Moreover, once a block is added to the blockchain, it is immutable, which results in improved data accuracy and maintenance. While blockchain has mostly seen uses in the financial space, it’s clear that such technology could potentially revolutionize other areas, such as healthcare and medical records. ….more