How Could Blockchain Affect You and Your Business

You may have heard of the term blockchain being thrown about as the latest buzzword in technology, and how it may have a wide impact on the world around us. But few people actually know what it is.

 What Is blockchain?

Blockchain is essentially a way to make anonymously make a transaction without the need of a third party to verify the transaction. For example, in the financial world, its ‘Clearing House’ which provides this service, a blockchain transaction removes the need for this facility. Therefore you may have heard of blockchain as being decentralized.

 

The chain its self can be thought of as a ledger of transactions where the block is a transaction with a timestamp and a link to the previous block, hence creating the chain. Unlike a centralised collection of transactions, such as the Clearing House example, with block chain once a transaction is made it is ‘distributes’ to all parties meaning that every single one then contains a copy of the transaction.

 

You may have heard about the currency Bitcoin. This is actually based on blockchain. The blockchain is essentially a list of the transactions made by ID only so buyers and sellers remain anonymous.

What Are The Benefits?

Blockchain is good because, if implemented properly, it removes the need for a third party while increasing security and transparency. Privacy concerns have been alleviated by people beginning to implement private blockchains. These, for example, restrict who can participate and download  the chain effectively allowing for private transactions, which aren’t as open as current implementations.

 

How Will Blockchain Affect You?

Unless you work in the financial industry, it probably won’t.

It may revolutionise the financial industry. Check out further detailed information on it’s impact on the financial industry here.

 

If you’re not in the financial trade, you may unknowingly use it one day when making a transaction on a day to day basis, or your business may use it in the future.

 

Here at Indiespring we have provided websites for a number of financial sites such as The OTC Space. If you think you might be affected by block chain, or would like our advice about your business’ online payments, contact us here.