What is Blockchain Technology?
Blockchain technology is one of the most effective ways to have secure and connected information. It stores information and then ‘chains’ it with more databases linking them together. This creates an irreversible timeline of data that can be beneficial.
How Does it Work?
The main purpose of a blockchain is to send information that can be sent to other databases but cannot be edited. This is important when distributing important information. The first step in this process is the transaction. This is when the information is first introduced to the database. As more information is entered, it creates a chain that can spread to other systems.
How Secure is it?
The main question regarding blockchain technology is how safe it is. Due to its inability to edit any information, this makes this one of the safest ways to spread information. Not only that, but it stores everything chronologically and linearly. Even if hackers try to interrupt a chain, it wouldn’t line up with the rest of the block, immediately notifying users.
Ways to Use Blockchains
This technology can be used in many ways including banking, currency, healthcare, smart contacts, supply chains and voting. Since this system is secure and easily distributed, many companies find this the most effective way to store their information. Big companies such as Walmart and Pfizer actively use blockchains to distribute their records or important documents.
Blockchain technology is finally making it’s way into modern life. From its effectiveness and security, more companies are finding ways to incorporate this technology into their businesses.
Have any questions about the right technology services for you or your business? WesTec services can help. Contact us with any questions you may have and follow us on Facebook, LinkedIn and Twitter.
Tags: blockchain technology, data, it, security, technology