Twenty years ago people knew nothing about blockchain, but now this entirely new way of storing data on the internet has already turned the IT world upside down. I’m sure you’ve heard about blockchain or maybe even worked with it.
For most people blockchain is just something related to bitcoins. However, technology has groundbreaking potential to become a key business focus not only when it comes to cryptocurrencies. Its capabilities are growing and this global platform is expected to revolutionize all industries even such as medicine, banking, online shopping, manufacturing, and social media.
The reason why blockchain is becoming more popular lies in its security. To put it simply, blockchain is a chain of blocks, each of them having a timestamp, a link to the previous block and the copies of the same data that are stored on different computers. Every record that is written on a blockchain is secured by a unique cryptographic key (aka wallet), making the blockchain and its information unchangeable. What is more, all the transactions are transparent so everyone in the network can see them.