Over the past couple of chains, “blockchain” has grown as a nationwide buzzword. The primary reason for this is because of the cryptocurrency boom. Many people know that cryptocurrencies and blockchain are related, but don’t understand how useful blockchain technology will be moving forward. While cryptocurrencies could be a bubble, it appears that blockchain technology is here to stay.
What Is Blockchain Technology?
According to Don and Alex Tapscott, authors of The Blockchain Revolution, “the blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Blockchain combines three principals. Although these principals had been around for a while, they had never been used in conjunction with one another. The principles are:
• A distributed network that features a shared ledger
• A desire to service the transactions, security, and record-keeping on this network
• Private key cryptography
How Blockchain Technology Works
Blockchain technology works by grouping transactions into blocks. Each block of the chain contains an absolute, predetermined number of transactions. The block also includes a link to the previous block. This is where the ledger excels as a ledger or record-keeper, as blocks are organized in a chronological chain. The blockchain is kept secure by a complex mathematical equation, known as a hash. Each block has a unique hash that keeps it safe.
Looking To Learn More About Blockchain?
If you’re looking to learn more about blockchain, consider attending one of the numerous community events in San Diego. The site MeetUp provides an extensive list of the upcoming blockchain community events in San Diego, where you’re sure to find many like-minded industry entrepreneurs. Past community events in San Diego have included things like the Spatial Summit and the UC San Diego Blockchain Forum.