Everything you need to know about blockchain

Sep 27, 2022

Blockchain is a widely utilized way to securely store data, and understanding how it works is beneficial to understand why we use it. Here is your guide to blockchain.

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What is blockchain?

“A blockchain is a distributed database or ledger that is shared among the nodes of a computer network.” (Investopedia.com)

 

Blockchain is the storage space for any information as it’s accessed by multiple access points on a computer network. It is unique in that it is completely decentralized. Instead of a spreadsheet being organized by something like Excel or Google, it is operated by a bunch of computers spread out across a network.  Each of the individual computers is called a node. 

 

The name blockchain comes from the process of it storing data. Each “block” of data is added to the “chain” when the database is updated. Each of the nodes updates with each new block added to have identical data. 

How is blockchain secure?

 

Adding data to the database is why blockchain is so secure. Forbes describes the process by saying, “A majority of nodes must verify and confirm the legitimacy of the new data before a new block can be added to the ledger… This is different from a standalone database or spreadsheet, where one person can make changes without oversight.” 

What is blockchain used for?

 

Blockchain can be used to store virtually any information you need to be stored. Cryptocurrency and NFTs are the most notable uses of blockchain, and they certainly impact the technology’s notoriety. While these are valuable uses of blockchain, there are so many more that are pointed out by IBM. Here is a list of some uses, which you can read about in-depth here:  

 

  • Tracing seafood from water to supermarket shelves
  • Transforming healthcare outcomes
  • Correcting supply chain issues with IoT and AI
  • Fueling the oil and gas industries
  • Nurturing supplier-retailer relationships

 

Is blockchain big business?

 

These new proposed uses have opened up a new sector for tech jobs. Some estimates project the market for blockchain jobs to grow from the current $4.9 billion to $67.4 billion by 2026. Growth in the sector means growth in the job market. 

 

If you want to be a part of this technology field, get in touch with us or add your resume to our database for blockchain jobs: https://techoneit.com/careers/.

 

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