The Truth About Blockchain

The distributed ledger technology called blockchain is getting a lot of attention right now. Is it the right solution for your IT project? Every year there's a technology that everybody talks about. It will change everything. It will give your company a competitive edge. If you don't have it, your company may be left behind. Yet, while many people are talking about it, including, probably, your CEO, very few people actually understand it. In past years that technology may have been 3D printing, BYOD (bring your own device), or big data. This year it's blockchain. Blockchain has been proposed as the solution to a number of technology challenges, from startup funding to voting to payments for ride sharing to proof of identity. But what's the reality? First, let's start with a simple definition. Blockchain is a distributed electronic ledger. Each "block" references a record. Each time a new block is added it contains a secure link to the previous block, a timestamp, and transaction data. The blocks link together to form the chain. No central authority controls the Blockchain, although companies do offer Blockchain systems. Those systems include Ethereum, Hyperledger, and Corda.