What Is The Blockchain?

The Blockchain is the future. The uses of Blockchain technology are so vast that billions of dollars have been invested in it over the past few years. The Blockchain is a distributed, global database that maintains a growing list of records, called blocks. The Blockchain can be used to conduct secure, encrypted, person-to-person or person-to-business transactions. Blockchain transactions are almost instantaneous and incur significantly lower fees than do transactions by other methods.

 

The Blockchain is also a platform for “distributed applications,” which are software in which the computing work is done by computers distributed globally, instead of by a single computer. This greatly increases the computing power available to run complex software. People are typically paid by the software owners for allowing their computers to perform some of the computational work for distributed applications.

 

Large corporations may not have to invest as much into database infrastructure.

 

Instead, they could pay to store and process information on the Blockchain. This is similar to the Internet “cloud,” although many financial transactions and software applications are better suited to be conducted using Blockchain technology. The demand for Blockchain technology by companies, investors, banks, and governments is rapidly increasing, which leads to profitability.