After the rapid growth of cryptocurrencies in 2017, including Bitcoin’s $11,000 bull rallyat the end of November, the world is beginning to notice the technology that underlines their existence.
How to Blockchain
The idea of a blockchain is not new by any means, with bitcoin being its flagship proof-of-concept since 2009. The term blockchain refers to a distributed and decentralized ledger that is mostly used to track data of some sort in chronological order.
A blockchain works by assigning individual “blocks” that can hold a certain amount of data. Once filled, a block is then cryptographically linked to another block, all the while using a hashing function to reference them relative to each other. A series of these linked blocks forms a blockchain ledger.
Many computers around the world maintain an always-updated version of this ledger and continuously validate any proposed changes to it, which makes blockchain technology work a lot like a transparent database that can never be modified.
Given its novel approach to data security, blockchain adoption has been steadily rising over the years.
Critical Inspection and Adoption Attempts
That said, blockchains are not too different from any other new emerging technology, in the sense that any new development related to it, however vague or insignificant, is lauded with lavish praise and extravagance. While these incremental upgrades to a pre-existing technology are significant for its longevity, the constant coverage prevents many from appreciating, or even understanding, the sheer strength of blockchain technology by itself…