In 1991 Blockchain technology started & allowed for digital timestamps to be a thing. Blockchains are a chain of blocks that contains information, data, hash, and the hash from the previous block & the new way to manage trust.
Hash: The fingerprint that identifies the content of the block
I am sure you have heard of Bitcoin, Bitcoin blocks store info from a transaction:
Amount of transaction
The first block of a chain is called, genesis. Changing a block will make all the following blocks invalid which is why it is such a smart way to hold authenticity and privacy. When you join a blockchain you will get a copy of the full blockchain. When a new block is created, it is sent to everyone in the peer network & checked for tampering. It is pretty close to impossible to be able to tamper with a block and get away with it.
Did you know that it takes 10 minutes to create a new block for Bitcoin?
Here are 19 industries that are being effected by Blockchain Technology:
- Banking/Payment Services
- Cyber Security
- Supply Chain Management
- Private Transportation/ Ride Sharing
- Cloud Storage
- Public Benefits
- Energy Management
- Online Music
- Real Estate
- Your Industry
- If you use data, you will be effected.