Just a few years ago, if you asked the average person if they had heard of the blockchain the answer would have been, undoubtedly, no. Over the past decade or so, blockchain technology has grown to be used across a variety of networks and continues to become more prevalent even today. The rise of the cryptocurrency industry has brought with it a desire to learn more about blockchain technology and its applications.
So why is blockchain taking off all of a sudden and how does it work? Let’s take a look at the rise of blockchain and how it can change the way it can change the way individuals and businesses handle data and business transactions.
Blockchain technology takes traditional records and ledgers and decentralizes them, making them completely independent from any controlling power, such as institutions and governments. An open source ledger that is visible to users across the network brings a level of security that is unmatched. Sounds weird doesn’t it; a completely transparent ledger being safer than something that is safely secured in a bank.