What is Blockchain?

What is blockchain?

Blockchain is all the rage these days yet few people understand what it actually is. There is no shame in not understanding the nuances of this emerging technology. The blockchain is poised to change digital security as we know it. This is part of the reason why MyGold buys and sells the blockchain-based Bitcoin.

An Explanation of Blockchain

Plenty of people have attempted to obtain an understanding of blockchain technology only to be inundated with technical jargon that leaves them even more confused. To put it simply, blockchain makes it possible for digital information to be transmitted without being copied. Some are going as far as claiming blockchain technology is the structural foundation for an emerging form of the internet. It is clear the blockchain will remain regardless of the fate of Bitcoin and other cryptocurrencies. The fact that Bitcoin is backed by the blockchain should bolster the confidence of all Bitcoin owners as well as prospective buyers.

The Value of the Blockchain

Financial analysts who study and report on the success of Bitcoin primarily point to the cryptocurrency’s Blockchain technology for its stratospheric rise in value. Yet the blockchain’s value extends beyond securing Bitcoin transactions. The blockchain produces all sorts of other digital value as it serves as a universally applicable electronic ledger of transactions that cannot be breached by outsiders. If you had the ability to travel through time a decade or so into the future, you would likely find the blockchain being used to record financial transactions as well as just about everything else of value. The best way to envision the blockchain at work is to envision a spreadsheet replicating thousands of times throughout a vast computer network. The network is engineered to adjust spreadsheet details as time progresses. This is the blockchain in a nutshell.

Blockchain Security

Information stored and transferred by way of the blockchain is a shared and regularly reconciled database. The beauty of this technology is there is no need to store the blockchain database at one location. The blockchain’s records are publicly available and fully verifiable. There is no primary version of the data for cyber miscreants to attack and violate. Rather, millions of computers contribute to host the highly sensitive information processed by the blockchain.

Potential Uses for Blockchain Technology

Blockchain technology is quickly spilling into the mainstream for good reason. This technology can be integrated into numerous industries with ease. Aside from serving as a distributed ledger for cryptocurrencies like Bitcoin, the technology might also be used to alter business models in the years to come. Think of the blockchain as a technological foundation upon which hundreds or evens thousands of new foundations will be constructed.

Though some business owners and managers have been skittish to implement the blockchain, the uncertainty regarding this technology will gradually dissipate in the months and years to come. After all, there is always resistance to new forms of technology. Potential examples of how blockchain will be used in the future include digital security to prevent financial fraud, the facilitation of crowd sales, functionality as a payment system, use as a ledger system to record business sales and so on. The possibilities for this technology are nearly endless. From non-profit organizations to financial institutions, small businesses and beyond, just about everyone will benefit from the blockchain in the years to come.

MyGold Buys and Sells Blockchain-based Bitcoin

You do not have to wait until the future arrives to benefit from the blockchain. Invest in blockchain-based Bitcoin through MyGold and you will bear witness to the magic of this breakthrough technology. Contact us today to learn more about our Bitcoin and precious metals offerings. You can contact us by phone at 0800 465 369. If you would like to contact us online, shoot us an email at rich@mygold.co.nz. You can also reach us by filling out our convenient online contact form.

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