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, 22 May 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

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

      Latest Blogs

      Artificial intelligence is perhaps most commonly known as a malevolent force, thanks to popular culture. HAL 9000, Ultron, and many others have reinforced that A.I. will be the dow...

      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