Blockchain – The recent rise and fall of Bitcoin (slight uptick recently), should give you pause for thought and help you understand where the real potential might be. While the future potential of secure digital payments through crypto currency remains to be seen, the focus should be on building blockchain based platforms and marketplaces. The rapid rise and fall in Bitcoin should remind us of the early Internet days when a new technology arrives but no one really knows how to use it. Early websites were nothing more than brochure ware while companies like Amazon saw the real potential to conduct enterprise-based ecommerce in entirely new ways. Sometimes, it’s not about the product but about the technology.
Here is a simple definition of blockchain. A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchain can be used for recording transactions made with crypto currencies, such as Bitcoin, but have many other powerful applications. Each transaction added to a blockchain is validated by multiple computers on the Internet. These systems, which are configured to monitor specific types of blockchain transactions, form a peer-to-peer network. They work together to ensure each transaction is valid before it is added to the blockchain. This decentralized network of computers ensures a single system cannot add invalid blocks to the chain.
This article originally appeared on forbes.com To read the full article, click here.
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