July 1, 2018 · Blockchain Technology

The blockchain is a progressively growing list of records known as blocks. The blocks are secured and linked to each other using cryptography. It is more like a jigsaw puzzle as the blocks contain a cryptographic hash of the previous block, a timestamp, and transaction data. In other words, Blockchain technology is a system used by two or more parties to record open distribution ledgers. It is done permanently and verifiable. The blockchain is a peer-to-peer style network observing an inter-node communication and new blocks validation. A significant advantage of Blockchain is that information cannot be altered whatsoever. Since it represents a jigsaw puzzle, any alterations will lead to disruption of subsequent blocks, causing a major crash to the whole network.

Satoshi Nakamoto invented Blockchain in 2008. It was developed for the famed cryptocurrency bitcoin as a ledger. The invention of the system for digital bitcoin currency solved the double spending issue other institutions faced. There are three types of Blockchain: Public, Private, and Consortium Blockchain. With Public Blockchain, there are no restrictions, and anyone can become a validator. A good example is Bitcoin. Admission to a private Blockchain is permissioned. Consortium Blockchain is permissioned, but it is controlled by multiple organizations.

In New York, Coindesk Media Company collaborated with the New York City Economic Development Corporation to host the opening of the Blockchain Week NYC. Over 8,000 delegates from 70 countries, an increase from the previous years’ 2,000 attended the summit. It was co-organized by Christine Souffrant, Vice President of Marketing at Lampix Gordon Meyer. Many delegates were pleased, and they would again attend the forthcoming Blockchain week in the coming years. At the event, numerous outlets displayed their skillsets. Amazon, Microsoft, Facebook, Goldman’s Circle, and IBM’s Hyperledger were among the firms that displayed their projects.

It is at the following link, Telegram being a virtual crypto tree house and clubhouses in the messaging app, Blockchain is evident. Numerous debates ensued as many delegates discussed the future of Blockchain in the current and future industries. One Jimmy Song claimed that Blockchain would not solve any problems. He insisted that companies that based operations using the tech would close down in the next five years. His counterpart Joseph Lubin bet on any amount of bitcoin that he was wrong. Lubin saw the system as an innovation of both cryptography and engineering.

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