From time to time, a new technology promises to change our lives for the better. Experts discuss it in hushed tones, startup firms pop up in California and newspapers begin moving related stories from the business section to the news pages.
What is Blockchain?
It’s best to think of the blockchain as an open source document. Like Wikipedia and other common-usage websites, it can be edited by anyone with membership of that group. Each change leaves an indelible and tamper-proof record of what was done by whom and when. That in itself is ground-breaking and welcome after so much criticism centered around banking practices. Therefore the blockchain has the potential to become a cultural phenomena as a consequence of its transparency.
Contents of blockchain are publicly visible at all times, and they can be freely altered within pre-defined rules. Once each adjustment is verified by a group member or administrator, a time-stamped block is created that links previous and subsequent revisions in a chronological chain. It’s a whole new way of working, with the potential to disrupt numerous industries. If you believe the more excitable commentators, its impact will be dramatic in the coming years