24 May What is Blockchain?
We’ve all heard the buzz about Bitcoin but how much do you really know about Bitcoin? Did you know that Bitcoin and other cryptocurrencies are built on Blockchain technology?
Blockchain is intended to add an extra level of security via a P2P network, which means the information is stored in many different places. It uses cryptography to protect from and detect any issues or changes within the “chain.”
In the real world, Lisk explains how Blockchain could be effectively used in the medical world to process and share things such as receipts and records. They also bring up the use of payment, a patient can schedule and appointment and pay for said appointment via blockchain at the time of booking.
Blockchain is going to allow for a world without a need for trust, since there won’t be any issues as you can always track changes and updates, says Lisk.
However, it is important to note that for as many positives there are to Blockchains and Cryptocurrency, there are a few negatives.
Blockchain interactions have to have all parties updated in order to process fully, which is a process that can take hours according to Jason Bloomberg of Forbes. It can also cause issues when it comes to being sure that a transaction is processed in a timely manner, which is something that is important to many.
Whatever you choose, make sure you’re making an educated choice with your money! For more information visit any of the links above.
What are your experiences with Blockchain or Cryptocurrency? Let us know in the comments below!