Network Synergy Blog

Network Synergy has been serving the Trumbull area since 1988, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

Here’s Our Rundown on Blockchain Technology

Here’s Our Rundown on Blockchain Technology

As we discuss business technology, we occasionally broach topics that not everyone may be familiar with. Despite the recent media coverage that has been afforded to it, Bitcoin and blockchain technology may be a good example of one such topic. To resolve this, we’ve put together the following primer on this technology and how it will impact data security in the future.

To Begin, An Introduction To Bitcoin
Bitcoin is a digital currency that exists exclusively in code form, without any physical coinage or paper monies representing it. All it takes to get Bitcoin is some higher-end computer hardware (even commercially-available hardware will work) that a user can then use to “mine” the cryptocurrency, effectively inventing the money. However, Bitcoin is in finite supply, and requires intensive computing resources to work for a considerable amount of time to generate even the smallest amount. Many online stores have begun to accept Bitcoin as tender.

At the time of this writing, Bitcoin has risen in value to be worth thousands of dollars apiece, up from as low as $.08 in 2009.

An Introduction to Blockchain
True to its name, a blockchain is a chain of ‘blocks’ containing information, connected in sequence to allow secure and reliable accounting for the information it contains. Blockchain was first used in 1991 to enhance the security of timestamped documents, as it prevented them from being altered. More recently, blockchain has been dubbed “The Internet of Value” considering how it functions in a similar way to a database. However, a traditional database and a blockchain are different in quite a few ways.

The blockchain gives a user a digital ledger of the activity of the data it contains. The encrypted data is confirmed, distributed through a number of linked transactions and replicated for each user that accesses it. The itemized and uneditable nature of the blockchain makes it an excellent candidate for relaying certain varieties of information, including currency and cryptocurrency, shareholder information, and medical records.

How Blockchain Is Put to Use
Despite most users having not yet heard of it, many industry professionals have deemed blockchain as the “new Internet.” Indeed, many of the technologies that currently leverage centralized hosting could see some significant benefits by shifting to a blockchain-based distributed hosting strategy. For example:

  • Security: As history has proved for many companies, it is safer to keep multiple copies of data in disparate locations. Data’s decentralization through blockchain makes that easier.
  • Data Management: Blockchain makes the verification data more robust through its complete transformation.
  • Logistics: Companies and consumers alike can enjoy more transparency, as individual goods are traceable back to their point of origin.
  • Investing: Investments, including crowd-based funding, are given improved security and reliability through the use of blockchain.
  • Internet of Things: Blockchain can be used to accomplish a few purposes that concern the IoT, including to serve as a platform for remote systems automation, and reducing the privacy issues associated with IoT endpoints.

How Blockchain Relates to Bitcoin
You might have seen Bitcoin appearing in the news more and more often during recent weeks. This trend, as well as the creation of more new cryptocurrencies, has been boosted by the spreading use of blockchain technology. Bitcoin has a cap of 21 million, which protects it from inflation.

However, today’s miners use Application Specific Integrated Circuit (ASIC) systems to do their dirty work, but as in the gold rush, a multitude of new miners have appeared as the value of Bitcoin has ballooned. This has forced Bitcoin miners to come up with new strategies so that they have a chance of hitting pay dirt, technologically speaking. Now, instead of seeking out full Bitcoins, miners seek out small pieces of the cryptocurrency in pools of data.

Bitcoin is a currency that has a value completely dependent on the market for it. Since it leverages blockchain technology, if there’s Bitcoin up for grabs, it is for real.

Speculation puts the value of Bitcoin at $250,000 each by 2024, when about 95% of all Bitcoin will have been released. The demand for Bitcoin has spilled over to investments, as financial institutions have begun to push investors toward Bitcoin futures. This only goes to show how much confidence there is in Bitcoin and, by extension, blockchain technology.

It won’t be long before the blockchain is common knowledge, but until that time, we are happy to have shed some light on the tech that will spur the Internet of Things and the future of currency onward and upward.

So, do you have any cryptocurrency to your name, Bitcoin or otherwise? Do you see digital currency shaping the future of our finances? Share your thoughts in the comments section!



No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Tuesday, 20 February 2018
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Mobile? Grab

QR-Code dieser Seite

Sign Up

  • First Name *
  • Last Name *

      Blog Categories

      Crowdfunding Password Business Intelligence Recycling Techology Compliance Social Trainging IT budget Office Digital Upgrades Touchscreen Mobile Device Management Employer-Employee Relationship Router Tutorials Time Management Social Networking YouTube Content Filtering Gadgets Alert Safety Cleaning Wireless Google Maps eWaste Word Cyber Monday Tracking Government Application History Programming Unified Communications Emoji Cryptocurrency Google Wallet Multi-Factor Security Monitors Writing Identities PC Care Marketing Internet of Things Disaster Resistance IT service Tip of the week User Tips Food Print Server Logs CrashOverride The Internet of Things Cybersecurity 3D Virtualization Administration Going Green Disaster Deep Learning Tablet Knowledge Mobile Office Webinar IP Address Skype Windows 8.1 Update Display Files Managed IT services Cooperation IBM Black Market Hacking Law Enforcement Statistics Processors Spyware Privacy Scheduling Miscellaneous Upgrade Automobile Unsupported Software Innovation IT Management Supercomputer Infrastructure Nanotechnology Entrepreneur Big Data BDR Windows 10 Communication Virtual Reality Encryption Money Phone System Office 365 Company Culture Virus Networking Hard Disk Drive Maintenance Data Fax Server Technology Tip of the Work Lenovo Ransomware Inbound Marketing Google Analytics Laptop Mirgation Vendor Management Save Money Chrome Environment Text Messaging Gadget Internet Exlporer Hotspot Analyitcs Saving Money LiFi Meetings Hackers Google Drive Holiday Flexibility Unified Threat Management Operations Botnet communications Collaboration Business Management Competition Computing Hardware Network Security Downloads Mobile Device PowerPoint Address Fun Users Unified Threat Management IT Support 5G Health Automation Computer Accessories Disaster Recovery Managed IT Services Telephone Systems Retail Cabling Backups Microsoft Excel Server Management Secruity USB Data Security Uninterrupted Power Supply Redundancy Dark Web Managed IT Service Remote Monitoring Digital Signature Operating System File Sharing Cortana Taxes Windows Work/Life Balance Documents Error Relocation Macro Search Remote Computing Data Backup Intranet Notifications Licensing Samsung Bandwidth Consumers Printer Public Cloud Document Management Social Engineering Private Cloud Break Fix User Error Value Best Available Managed IT Administrator Avoiding Downtime Artificial Intelligence Saving Time Data storage Save Time Technology Laws Legal PDF Charger Apps Halloween Wi-Fi User Travel Business Tech Support Alt Codes Facebook Vulnerability Microsoft Office Language Fraud Cloud Small Business Email Consultation Refrigeration Hosted Solutions Malware Chromebook Printing Drones Education Experience Law Firm IT Patch Management Apple End of Support IT Consulting Regulations Data Recovery Comparison Data Warehousing Windows 8 Mail Merge Mobile Data Shortcut Debate VPN Net Neutrality Server iPhone Personal Information Permissions Battery Security GPS Information Technology Smartphone Firewall Spam Computer Backup Specifications Memory Current Events Access Control Business Owner Servers Mouse Politics Bluetooth Help Desk Public Speaking Antivirus Lithium-ion Battery Crowdsourcing 3D Printing Heating/Cooling Solid State Drive Tip of the Week Android Website Smart Technology Blockchain Scary Stories Video Surveillance Network Congestion Technology Tips Workplace Tips WiFi People Virtual Desktop Wearable Technology Network Management Settings IT Consultant Phishing CCTV Mobile Devices Smartphones Virtual Private Network Business Growth Mobile Computing Electronic Medical Records LinkedIn Scam Digital Payment Hacker Cybercrime Websites Machine Learning Browser Training Motion sickness Trending Humor Hiring/Firing Downtime Computers Two-factor Authentication Outlook Telephony VoIP Paperless Office Presentation Work Station Wireless Technology Data Management Outsourced IT Computer Repair Gaming Console IT Support Distributed Denial of Service Webcam Mobile Technology Point of Sale Productivity Budget Business Continuity SaaS Computing Infrastructure Augmented Reality Superfish Internet IT Services Bitcoin Web Server Customer Service Best Practices Business Computing Best Practice Firefox Google Running Cable Windows 10 Recovery Proactive IT Piracy Hosted Solution Efficiency Microsoft IT Solutions SharePoint Quick Tips Business Technology Buisness Robot Physical Security Leadership Software Tips Co-managed IT Sports Project Management Passwords Bring Your Own Device Mobility Hacks Cameras Risk Management Start Menu G Suite Staff CIO Service-based Business Social Media Applications Assessment Gmail Domains Managed Service Provider Twitter Typing Corporate Profile Google Docs Staffing Cost Management Network Software as a Service App Excel Software Cloud Computing How To Data Loss Productivity HIPAA Office Tips Conferencing Sync Mobile Security Online Currency BYOD Computer Care Alerts Thank You Identity Theft Congratulations Undo Black Friday Troubleshooting Hard Drives IT Technicians Customer Relationship Management Data Breach Google Calendar Remote Support eBay Legislation Streaming Media

      Latest Blogs

      For the modern business owner or executive, making smart business decisions has become a necessity. Margins are small, efficiency is key, and if we were to be completely honest, bu...

      Latest News

      Our Site Has Launched!


      Welcome to Our New Site!
      We are proud to announce the unveiling of our new website at Network Synergy!

      Read more ...

      Contact Us

      Learn more about what Network Synergy can do for your business.


      Call us today    203.261.2201

      Fax Number :    203-261-2935

      126 Monroe Turnpike
      Trumbull, Connecticut 06611

      facebook twitter linkedin #youtube