Deciphering Blockchain – Building on the Blockchain Craze
The blockchain distributed ledger technology may be famous for powering bitcoin, but the technology is becoming popular with many companies as a way to make transactions safer and more efficient.
Many of the biggest tech companies have blockchain initiatives and are exploring different uses for the technology, which experts say is impossible to hack. Amazon, Oracle, VMware and even many service providers have blockchain projects in the works with the intention of exploring the technology in more depth.
Blockchain has a lot of potential because of its ability to track every digital transaction. Every transaction is agreed to by a consensus of the participants. The transaction is then time-stamped and becomes a block in a chain of blocks. All transactions are signed and replicated across the network. If a change is made in one copy of a block, all the other copies are simultaneously updated. Thus, the blockchain contains a true record of each transaction ever made.
The Linux Foundation’s Hyperledger project works on the blockchain code and includes a number of sub projects including Fabric, Sawtooth, Indy, Burrow, Iroha, and Quilt – that bring something unique to the broader picture.