News Reel & Blog

THE BLOCKCHAIN

Written by Jack Hopkins on 1st February 2018

In this extremely technological age, there are more and more ways being invented to make things quicker, cheaper and more compact – blockchain is at the forefront of these advancements.

“A  blockchain   is a decentralized, distributed and public digital ledger.”

We’ve attempted to try and get our head around this thing called blockchain, a seemingly safer way of transferring information in the era of bitcoin. 

Blockchains are:  

AUTHENTIC – Creates a record that everyone in the community has to verify.

COLLABORATIVE – Isn’t controlled by one single entity, and so doesn’t have a single point of failure.

INEXPENSIVE – Cuts out middlemen, reducing costs due to direct transfers.

PREDICTABLE – Trends can be found to try and establish market trends.

SAFE – They are an immutable ledger, assuring the safety of data as it’s impossible to cheat. 

FAST – The transferring of data and ownership could take days, blockchains make it almost immediate.

VISIBLE – The database isn’t kept in one place, keeping the data truly public and easily locatable.

Sooner or later, experts believe that we’ll see our taxes, medical records and even wills being encrypted in the same way – exciting (but confusing) times!

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