Crypto currency Bitcoin is gaining increasing attention as an alternative to existing financial options. It offers a highly secure way for parties to exchange funds without the need for an intermediary such as a bank.
Yet Bitcoin is only one application of the technology that underpins it. Dubbed blockchain, this technology has the potential to revolutionise everything from billing systems and contracts to supply chains and even electronic medical records.
In reality, Bitcoin is really just the tip of the iceberg when it comes to blockchain deployments. According to analyst reports, usage is predicted to grow at a compound annual growth rate of 61.5 per cent until 2021. This means total transaction values are estimated to rise from $US210.2 million in 2016 to $US2,312.5 million by that year.
The concept of blockchain
In essence, blockchain is a system of distributed records that provides a robust way to share information in a peer-to-peer fashion. Blockchain’s appeal comes from its security and verifiability as users can’t delete or update items from a blockchain at a later date. This makes it an irrefutable electronic record of transactions.
It works by allowing users to add transactions to a block of code. When each transaction is added, a tamper-proof audit log is created using a cryptographic hash. The block is then replicated to all participants who need to validate the transactions.
The key here is the chain. You end up with each block containing a reference to a previous block that has also been created using the cryptographic hash. If the information in a block is altered, that hash will no longer be valid, and this is what creates the immutable nature of a blockchain.
The technology also offers the ability for users to embedded business terms within a chain. This allows the automation of processes, such as invoicing, payments and receipts and offers the promise of significantly streamlined business processes.
While blockchain is a hot topic, it’s not a new concept as a lot of the underlying technologies have existed for years. What’s exciting is how those technologies have been brought together to create something with extra capabilities.
To read more, please click on the link below…
Beyond bitcoin: what emerging blockchain technology means for your organisation!
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://www.theaustralian.com.au/business/technology/opinion/beyond-bitcoin-what-emerging-blockchain-technology-means-for-your-organisation/news-story/80a9b7ae83e446885271e7a72bfcbdea
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Good, straightforward explanation. Now following a fellow Seffrican :-)
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Shame its copy pasta
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Oh dear. Couldn't get the link to work so crossed my fingers in optimism. Bugger.
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And that makes it an unfollow as well.
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It's so annoying when you read something nice then cheetah is sat at the bottom.
BTW not judging you, follow and up vote who you like, didn't seem like your style though.
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Agreed, but I learned something about cheetah yesterday which may have affected my thinking. One of my friends, a professional writer, has just joined the platform. She posted one of her articles from another platform yesterday and got the cheetah, so I checked on Steemit Chat - response was it's not actually a censure, it's an indication this content exists elsewhere and if the original author has reposted it on Steemit, no stress, otherwise caution plagiarists!
I'm vigilant on social media but still occasionally get caught, like yesterday. That was slack on my part - I could have waited until I could get the link to work. Chalk it up to continued experience. Thanks for picking it up - appreciate it.
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Oh sure, I always check to see if the steemit author looks like the original author, Ill warn an account before flagging too
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Sounds fair. I'll take that approach too.
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Haha, now I get the cheetah. Was wondering yesterday in one of your posts about a cheetah what that meant :) So I learn
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☺️☺️
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Still trying to find my way around this new and exciting platform. I can only improve from yesterday, right :)
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Hi Irwin, I was reading one of the posts earlier this evening. It was about converting SBD to Bitcoins to USD and then transferring these dollars to PayPal. It requires lots of trust to sell Bitcoins to a stranger. So, my question to you is, do you really think it's a 'highly secure way' to exchange funds just because the banks are excluded? Just confused. I hope you explain it for me.
I enjoyed reading this post. It's written in a very good manner. So, keep writing and posting for people like me.
Happy Steeming!
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Hi Yasir, good question! I have not seen any simple solution yet that allows someone who for instance is only locked into lets say Bitcoin and no longer uses a personal bank acount. So how do we then transfer or send someone money without going via the chain. i.e. Person A transfers or sends money from Bitcoin to Person B directly into Person B's bank account.
I do see some projects coming up at the reserve bank to look at sandboxing a Bitcoin environment, but I still need to dig deeper and see what they are up to.
I do know that you can use Virwox to buy Bitcoin using Paypal.
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