Out of the Box Solutions Blog

Tech Term of the Week: Blockchain

Tech Term of the Week: Blockchain

For our Tech Terms, we sometimes dig into the inner workings of your computer or other technology hardware, but sometimes we like to dig into details of new or emerging technology that’s taking the industry by storm. Today, we’re doing just that by discussing what a blockchain is and how it works.

What is the Blockchain?
Most people hear the word blockchain and immediately think about Bitcoin. However, blockchain has a lot of other practical uses in many different industries. Blockchain technology was born out of a need for a continuously updated mutual ledger. This concept would then be adapted into cryptocurrency through the development of Bitcoin (and others) to provide individuals with an encrypted and private way to make transactions.

In a way, the blockchain is basically a database that is validated by multiple users rather than one central authority. Think of it like a publicly-managed server hosting data instead of a single entity governing the data, like how an organization might host all of its data on a single server.

How Does it Work?
Let’s get one thing clear right off the bat--blockchain technology is not simple. That isn’t to say that it’s terribly complicated to understand on a basic level, though. The most interesting part of the blockchain is that, since it’s hosted and controlled by so many users, no one entity can have complete control over it. This also means that users cannot go back into the logs and tamper with things, guaranteeing that what you see is what you get--or, at least, as authentic as possible. This extra layer of security is one of the best reasons why the blockchain is such a reliable resource for cryptocurrencies.

It is thought that the future holds untold potential uses for the blockchain, including the ability to guarantee the authenticity of various types of data. Other applications are being considered, but the amount of power and electricity required to power a blockchain places limits on the practicality of many of these systems.

What are some other technology ideas or concepts that you would want us to cover? Leave your Tech Terms in the comments below.

Defining “Cyberterrorism” is Easier Than It Sounds
Why You Need to Know the Difference Between “Value...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Tuesday, January 22 2019

Captcha Image

Mobile? Grab this Article!

Qr Code

Tag Cloud

Tip of the Week Security Best Practices Technology Business Computing Network Security User Tips Tech Term Privacy Productivity Internet Efficiency Cybersecurity Smartphones Browser Microsoft Android Communication Malware Mobile Device Hardware Network Ransomware Email Small Business IT Support Cloud Data Passwords Windows 10 Data recovery Internet of Things Wi-Fi Mobile Devices IT Services Communications Applications Wireless Holiday Users Backup Business Management Saving Money Collaboration Data Backup Google Managed IT services Innovation Business Intelligence Employer-Employee Relationship Hosted Solutions Blockchain Information VoIp Software Networking Marketing Hackers Business Outsourced IT Workplace Tips Social Media Managed IT Services Cloud Computing Cortana BDR Virtualization VPN Remote Monitoring and Management Gmail Data Management Computers Microsoft Office Access Control Connectivity Save Money Tech Terms Medical IT Managed IT Service Facebook Automation Apps Bandwidth Smartphone Patch Management Cost Management Remote Computing Artificial Intelligence Managed Service Mobility Computer Analytics Virtual Assistant Password Wireless Charging Compliance Proactive IT Help Desk Phishing Backup and Disaster Recovery Downloads Touchscreen Content Filtering Cybercrime Sports Spam Comparison e-waste G Suite IT Management Outlook Threat Spyware Security Cameras Telephony Data Protection RAM User Tip Safety Business Continuity Data Breach Hard Drives Trends Big Data Microsoft Office 365 Tactics WannaCry Server Management Workers Edge Virus Storage Specifications disposal Bring Your Own Device Server Profitability Printing HP Reporting Word Voice over IP Mobile Security Microsoft Teams Settings Miscellaneous Upgrade Sales SSD A.I. Gadgets HIPAA Millennials Antivirus Dark Web Value Hybrid Cloud Amazon Eliminating Downtime Dongle Paper Document Management Telecommute Wearables Operating System Company Culture IT budget Analysis Certification Tablet Movies Physical Security Authentication Maintenance Hard Drive Business Technology Technology Tips Staff Error Conferencing Cables Lead Generation Network Attached Storage BYOD Ink Paperless Office SaaS Healthcare Managing Stress Battery Troubleshooting Excel Twitter eCommerce Laptop Authorization Router Processors Wireless Internet Streaming Media Office Database Voice over Internet Protocol Plug-In Government PowerPoint Digital Data loss GDPR Data Security Environment Update Telecommuting Vulnerability Machine Learning Training Knowledge Office 365 Inventory Unified Communications Online Shopping Tip of the week Websites Internet Explorer Personal Information Regulation Disaster Recovery Alert Printers Quick Tips