Block Chain
Revolution
Since
the Block Chain’s introduction during the release of Bitcoin, the block chain
has garnered massive interest by technology giants such as IBM, Microsoft, Citi
Group and JP Morgan Chase. This attention is well deserved as the block chain
is an elegant solution for two major problems that have plagued the finance industry,
tamper-proof recording of transaction data and transparency of information along
with privacy of consumers.
Block
chains work by recording just the transaction amount of consumers on a publicly
available document in “blocks”. These blocks can be as big or as small as the
creator desires but each block is directly related to the last meaning if one
person alters something in the chain, the information become out of sync and
that block is removed since it was altered and the original information is left
intact using the data from other computers.
We will
see this technology being applied in many industries over the next few years,
from banking transactions to cloud computing, since the growth of block chain
is being pushed so hard. In fact Microsoft has just announced it is hosting a
Hackathon solely for block chain technology development, Consensus 2016.
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