What You Should Know About Blockchain Technology

What You Should Know About Blockchain Technology By Olamide Yakub Lateef

Blockchain technology: this is a peer-to-peer distributed ledger that is forged by consensus combined with a system of smart contracts and other assistive technologies.

Blockchain technology has numerous opportunities attached to it. Opportunities that can be systematically explored and used to the advantage of many industries. It is a very strong system that allows credible, functional and efficient communication among parties held together by legal contract. A legal contract such that, the agreement cannot be easily altered or is reliably tamper-proof.

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The blockchain technology network is the opposite layout of the traditional system’s connection. This system has central bodies that can be easily attacked and thereby altered or allow siphoning of private information.

The blockchain technology network is a network of peer-to-peer computer systems that are informally organized around different regions and each unit in this long connection of computers has the exact same copy of information (ledger). Thus, if a unit is altered the other connections disagree to the incomplete or incorrect information in the altered unit.

The use of smart contracts which are computer protocols used to facilitate, verify or enforce negotiations of legal contracts in transactions. Examples can be said to be the exchange of money, content, property or shares among or between the parties involved in the transactions.

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However, the use of other assistive technologies is essential. Technologies such as the Merkel Tree that uses the binary system to store summarised individual data in the large datasets. It is done in a way that makes the verification of the datasets efficient. Moreover, setting the blockchain technology apart as an effective method and efficient way to keep track and store the history of the records in a transaction in a very transparent way.

The technology is a great way to bookkeep standard unaltered, tamper-proof and considerable transparent information about transactions that have been carried out. That is, in the process of carrying out and that would be carried out. This is a great technology that should be tapped into by industries.


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