What is Blockchain

 
 

Blockchain is mostly known through the cryptocurrency Bitcoin, but since it’s launch in 2009, Blockchain has gained a reputation on it’s own and evolved into something greater. Many people are asking themselves: What is Blockchain?

Blockchain is a new type of distributed technology - a distributed ledger recording transactions of digital ownership in a verifiable and permanent way. A blockchain is managed by a peer-to-peer network of computers governed by a common protocol for adding and validating new data.

In Bitcoin, the blockchain is used as a public ledger of all the transactions of the currency. This made bitcoin the first ever digital currency to solve the double-spend problem and therefore enabling currency exchange peer-to-peer without the use of a trusted authority or a central server.

Many people are now looking past the application of currency and trying to see how blockchains can be used in other industries and for other applications. So how will this new decentralized technology play out in the world of, for example, finance, social media, real estate or insurance?

The simple answer is that we don’t know yet. Many people believe blockchain will be the next, decentralized internet or Web3.0 while other believes it to be a complete worthless technology.

If the blockchains properties of transparency, decentralization and immutability are kept, we believe blockchains can be of great use in businesses wanting to streamline data collaboration and create more efficient consensus processes.

Stockholm Blockchain Group is working with corporations and organisations from all around the world with education, research and implementation of blockchain technology.

Contact us here if you have any questions about blockchain or how you might benefit from implementing it in your business.