An Introduction to the Blockchain (Open Source Money) Technology
With lot of headlines being generated on daily basis on diverse technologies, we strongly believe that there is a need for education on advanced topic called blockchain as well.
Till date many of you might have heard about a digital currency, bitcoin, which many people expect that will revolutionize the payments. Bitcoin is an advanced application that runs mainly on blockchain. The World of Blockchain technology is very interesting and profound one.
Blockchain isn’t a household catchword nor an innovation that you can see and touch as easily as a smartphone, it’s a secure digital ledger database upon which bitcoin works. Just like spreadsheets of Google it is open to all and the information in a blockchain is stored in the form of packets called blocks.
In a blockchain, a copy of the ledger document is shared between thousands of participants in an established and distributed network of computers. And once a transaction is entered in the chain it can never be revised or erased.
Let’s take the real estate scenario, where the new technology that is being into the market lets diverse parties to transact a deal. All the participants get together and discuss on the details like financing, timings, special circumstances and more. Now, how will these participants know that they can trust each other? Either they must validate their agreement with legal teams, banks or government registration or with any of the third parties. This lets them think of using an advanced technology like blockchain that can save costs.
Though it is pretty much identical to traditional ledger, it has the capability of recording debits and credits between people as well.
As explained above there are an umpteen number of blogs which have emerged to share industry news & updates on what technologies have to offer for empowerment. Below listed are the best Blockchain blogs you must check out through to get ideas involved with latest technologies.
CoinDesk, The LTB Network, CryptoCoinsNews, Bitcoin Magazine, NewsBTC, Ripple Insights, MoneyBeat, AVC, Brave New Coin and FT Alphaville.