Network Synergy Blog

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!

Why ROBOT is a Risk After Nearly 20 Years
Tip of the Week: Why You Should Reexamine Your Bus...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Saturday, October 20, 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

      Spam Google Maps Downloads Mobile Office Access Control Holiday Data Security Quick Tips Data Backup User Fun Connectivity Inbound Marketing Machine Learning Data storage VoIP Best Practices Office Thank You Electronic Medical Records Debate Business Computing Computer Browser Wireless Technology Disaster Resistance People Skype VPN IT Support Social Technology Laws PC Care Mobile Data Text Messaging Hacker Hard Disk Drive Trending Saving Money IT Support Software as a Service YouTube OneNote Data Breach Tech Support Scary Stories IT Management Secruity Maintenance Google Calendar Presentation Vendor Management Superfish Identity Theft Instant Messaging Healthcare Licensing IT Consultant Fax Server Safety Running Cable Storage Identity Alert Remote Computing iPhone Backup Computer Repair IT service Hacks Recycling Email G Suite Sports Cloud Computing Fraud Hotspot Mobile Device Servers Telephony Memory Smartphone BDR Internet of Things Macro Business Owner Data Loss Managed Service Hard Drives PDF Cryptocurrency Entrepreneur Networking Wireless Tip of the week Specifications Mobile Security Virtual Desktop Hardware Android Samsung Alt Codes Mail Merge Point of Sale Wearable Technology Webinar Business Continuity Tech Term Permissions Sync CrashOverride Google Wallet Server Management Windows 8 Tracking Files Development Two-factor Authentication Health Miscellaneous IBM Hackers Remote Monitoring and Management End of Support Operating System Automobile Drones Communication Business Management WPA3 Virtual Reality Corporate Profile Operations IT Services Food Productivity Dark Web Read Only Shortcut Hacking Distributed Denial of Service Downtime Consultation Virus Project Management Apple Gadgets Alerts Network Documents Modem Data Warehousing Social Engineering Managed IT services Heating/Cooling Competition Nanotechnology Paperless Office Leadership Business Intelligence E-Commerce Blockchain CIO Staff Telephone Systems WiFi Chromebook Scam Start Menu IoT Facebook Hiring/Firing Remote Workers Black Friday IT budget Service-based Business Undo Cost Management Passwords Customer Relationship Management Data Management Halloween Meetings User Error Cyber Monday Co-managed IT Content Filtering Tutorials Computer Care Enterprise Content Management eBay High-Speed Internet Upgrade Application Intranet Wi-Fi Managed Service Provider CCTV Office Tips Virtualization Smartphones Antivirus Technology Tips Twitter Language Battery Automation Online Currency Small Business Comparison Star Wars Network Congestion Flexibility Data Mobile Computing Software Tips IT Consulting Infrastructure Cameras Smart Technology Bandwidth Gadget Black Market communications Conferencing How To Tablet Vulnerability Robot Utility Computing Cybercrime USB Efficiency BYOD Printers Risk Management Cortana Information Disaster Recovery Digital Payment 5G Search Innovation Statistics Cybersecurity Error Data Recovery Productivity Web Server Work/Life Balance Bookmarks Tip of the Work Virtual Private Network Supercomputer Break Fix Refrigeration Security HIPAA Staffing Encryption Cabling Digital Hosted Solutions Managed Services Provider Computing Infrastructure Network Management Unified Threat Management Chrome 3D Printing Typing Information Technology Firewall Relocation Budget File Sharing Outsourced IT Asset Tracking Cooperation Chatbots Malware Computing Tip of the Week Artificial Intelligence Botnet Features Microsoft Disaster Touchscreen PowerPoint SaaS The Internet of Things Backups Motion sickness Printing Fleet Tracking Travel How To Internet Exlporer Windows 8.1 Update Knowledge User Tips Cyberattacks Consumers Business Enterprise Resource Planning Bluetooth Managed IT Education Environment Lenovo Piracy Regulation Customer Service Cables Software Websites Recovery Consulting Website Gaming Console Wires Retail Multi-Factor Security Compliance Firefox Crowdfunding Video Surveillance Spyware Taxes Employer-Employee Relationship Patch Management Cache Favorites Privacy Analyitcs Help Desk Solid State Drive Applications Display Legislation Bring Your Own Device Managed IT Services Mouse Best Available MSP IP Address Current Events Workplace Tips Google Public Cloud Buisness Google Drive App Microsoft Excel Crowdsourcing Router Personal Information Deep Learning Best Practice Save Time Geography Mobility Google Analytics Outlook Save Money Processors Finance Net Neutrality Remote Monitoring Vulnerabilities Company Culture Bitcoin Time Management Identities Private Cloud Monitoring LiFi Employee-Employer Relationship Charger Congratulations Upgrades Social Media Managed IT Service Managing Stress Augmented Reality Social Networking Server Phishing Mobile Technology Legal IT Solutions Troubleshooting Computers Administrator Law Firm IT eWaste Going Green Excel LinkedIn Mirgation Notifications Proactive SharePoint Redundancy Avoiding Downtime Hosted Solution Office 365 Collaboration Regulations Settings Uninterrupted Power Supply Computer Accessories Assessment Phone System Remote Support Apps Saving Time Business Technology Google Docs History Mobile Devices Domains Users Hard Drive Monitors Logs GPS Business Growth Law Enforcement Trainging Gmail Internet Cookies Marketing Politics Technology Digital Signature Unsupported Software 3D Emoji Management Password Windows 10 Money Work Station Big Data Government Windows Webcam Address Ransomware Lithium-ion Battery Mobile Writing Motherboard Proactive IT IT Technicians Network Security Microsoft Office Techology Printer Cleaning Physical Security Laptop Programming Smart Tech Word Print Server Scheduling Unified Communications Electronic Health Records Screen Reader Administration Value Cloud Migration Unified Threat Management Experience Public Speaking Document Management Streaming Media Humor Windows 10 Training Mobile Device Management

      Latest Blogs

      The cloud is such an important part of today’s business environment that most organizations use it to some extent, even if it’s just for basic storage needs. However, the cloud nee...

      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