“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Continue below
Imagine an XL sheet that is copied thousands of times across hundreds of thousands of computers.
Now imagine that this XL sheet of information updates itself on regular bases.
If you can imagine the above two statements, you have a basic understanding of what blockchain is.
The information on the XL sheet is shared and updated over and over again and shows and calculates transactions, meaning the XL sheet reconcile itself or balances itself each time it updates. Continue below
Because the information is hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
Wait, it gets better.
Bitcoin was invented in 2008 and has used the blockchain system without failure. The blockchain method of accounting can revolutionize the way we do business. At the present time, there is strong need for blockchain developers.You can purchase any of the book recommendations on this pagto better understand the possible future of finance.
Follow Us @XicasBlog