What is Blockchain Technology? A Step-by-Step Guide For Beginners | MyThinkPond

blockchain_smlBlockchain technology is not a technology solely for Bitcoin but rather a creative way to keep a digital ledger of economic transactions. This technology can be applied in a variety of fields such that the chain cannot be owned by a single entity and has no single point of failure. It provides a backbone with transparency and incorruptibility. Imagine a world where every transaction, whether it is a real-estate property transaction or a work-contract or an acknowledgement receipt of a email or an acceptance of work or payment or a medication delivery system releasing a medication into a patients blood-stream can be recorded such that it is indisputable and irrevocable. Furthermore, tampering a single unit or transaction in this chain of information will require a huge amount of computing power.

To learn more about Blockchain see the following article on BlockGeeks:

What is a blockchain technology? http://blockgeeks.com/guides/what-is-blockchain-technology/

Venkatt Guhesan avatar
About Venkatt Guhesan
Enterprise Software Architect currently working at DataDirect Networks developing a highly scalable monitoring solution called DDN Insight. My passions include all things Open Source including Linux (CentOS, Red Hat, Gentoo, Open Stack, Docker & Ubuntu), embedded ARM processors and microcontrollers (Arduino, UDOO, Cubieboard, BeagleBoard, OnionIO, TI's Zigbee). Coming from an Electrical and Computer Engineering background, working in developing and designing enterprise - distributed, highly scalable software requires a unique set of software skills with a good understanding of the hardware. This makes his work challenging and interesting. In his free time, he spends his time with his family and two children. He also enjoys researching on topics including - world ancient history and yoga. Visit the 'About' section for more details.
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