By Chris Meyer, Product Analyst
What is a Blockchain and why is the Technology Significant?
Blockchain is a catch-all term for a shared immutable cryptographic distributed database. In this special kind of database the data, commonly referred to as the 'ledger', is encrypted for security and permanently stored in numerous systems across geographically varied sites for diversity and redundancy.
One of the top struggles of IT departments today is making data frictionless to consume by their customers, internal and external, yet doing so in a secure manner. With today’s technology and services those goals can be difficult to balance. Blockchain technology, however, can mitigate these concerns. By storing the data in an encrypted 'ledger' that spans numerous servers across the globe the data will be readably accessible at all times and secured against malicious modification.
The applications for blockchain technology interacting with our daily lives could be limitless - from making land-records more secure and invulnerable to fraudulent behavior, facilitating secure communication between smart devices (IoT), to promoting real-time financial transactions between banks -- the possibilities go on and on. With just this small glimpse into the practical uses for blockchain, it is easy...