Put simply, blockchain technology is a series of permanent data records that are time-stamped and managed by a group of computers that aren’t owned by a single entity. Block suggests these blocks of data, whereas chain suggests the fact that they are secured and bound to each other via cryptographic systems.
There’s no doubt that blockchain technology is an ingenious invention. A new type of internet has been created by blockchain technology by allowing digital info to be distributed but not copied. Bitcoin was the first to make use of this technology but many other potential uses have been found recently by the tech community.
What makes blockchain technology so special you might ask? The blockchain network doesn’t have a principal authority making it the epitome of a democratized system. The information is available for anyone to see because it is a shared and changeless ledger. Thus, being the essence of transparency, all involved can be held accountable for their actions.
With blockchain technology, there is no transaction cost, only an infrastructure cost. This inventive technology has made transferring data from A to B safe and fully automated. By creating a block, one party to a transaction can initiate the process whereafter thousands or even millions of computers around the net can verify it. Once verified, the block is added to a chain and then stored across the network. Each block will have a unique record and history. If a record if falsified, it would imply that the entire chain is falsified in millions of instances which is practically impossible. This model is used by Bitcoin for monetary transactions but there are endless ways in which it can be deployed.
Acronis Notary Cloud is a blockchain-based service for e-signing, file notarization and verification for businesses of any size. This innovative technology can help secure the integrity of your business-critical information. To find out more about how blockchain technology can help your business, speak to the team at Negten today!