A new book, Blockchain Revolution, written by Don Tapscott and Alex Tapscott describes the bitcoin systems version of the blockchain system.
The newest technology to make a big change in our lives is going to be blockchain technology, according to experts. Blockchain technology is an umbrella term for the technology behind bitcoin.
The publicly distributed ledger in a bitcoin transaction is called a block chain. Bitcoin, which is a payment system, works on a peer-to-peer network basis. The bitcoin ledger is updated every 10 minutes and transactions cannot be reversed once made. Many security, banking, and insurance industry players are experimenting with blockchain networks. Changes to these huge companies are inevitable.
The blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. A block is the ‘current’ part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as a permanent database.
This technology is now being described as the ‘architecture of the future’ by technology and business guru Don Tapscott and his investment banker son Alex Tapscott. Blockchain technology is being seen by developers as the alternative to various existing systems and technology.
Companies are racing to use this technology in various fields, and it is not surprising that in 2014 and 2015 alone, more than $1 billion of venture capital was funded into the emerging blockchain system. Investments are growing as more players look to leverage the blockchain systems technology.
A new book, Blockchain Revolution, written by Don Tapscott and Alex Tapscott describes the bitcoin systems version of the blockchain system in detail, the transactions are said to be time stamped, operations are collaborative using volunteers who have to unravel complicated puzzles to validate parties . The encryption is tamper proof and accomplished without paying huge fees to intermediaries.
Block chain ledgers could replace Airbnb, banks, Uber and social media companies. Social media will see a complete overhaul once blockchain technology makes it presence felt there as users can hide their data or sell it to others if they want to, they can even get advertisers to pay them to view their advertisements.
The technology can also be used in various other forms, artistic and intellectual property can also be protected by it, entries can be made by owners of original work and used to prove ownership and royalty entitlement. These entries could be time stamped and used as a way to receive payments apart from being used as evidence in court in case of a dispute.
Apart from online assets, details of physical assets too can be stored in blockchain ledgers, this could lead to eradicating fraud and corruption in countries where government officials and bureaucrats control property and land documents. Block chain technology is gearing up to be the future.