5 ways to explain blockchain

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Content:

• 5 Ways Blockchain is Changing the Automotive Industry
• 5 Ways to Earn Passive Income From NFTs
• What on earth is Blockchain?
• Blockchain explained... in under 100 words
• Blockchain and the future of accountancy
• Explainer: What is a blockchain?
• 5 things you should know about Blockchain
• www.makeuseof.com
• Blockchain Technology Explained- Components and Applications
• 5 Blockchain Security Issues & Tips for Solving Them

WATCH RELATED VIDEO: Blockchain In 7 Minutes - What Is Blockchain - Blockchain Explained-How Blockchain Works-Simplilearn

5 Ways Blockchain is Changing the Automotive Industry

When you think about blockchains, probably the first thing that comes to mind is Bitcoin or cryptos. But actually, the technology is extremely versatile and has potential far beyond cryptocurrencies. Blockchains have become popular over the past few years because they allow us to secure and verify all kinds of data in a decentralised network that cannot be altered. The idea has its roots as far back as , when two computer scientists, Stuart Haber and Scott Stornetta, proposed a system to protect timestamps on documents from being interfered with.

Satoshi Nakamoto, the anonymous Bitcoin inventor, then built on this system and referenced the two scientists in his Bitcoin whitepaper.

Put simply, a blockchain is a database in the form of a distributed ledger that uses cryptography to secure any kind of information. Each block contains a timestamp, data, and a hash. This is a unique identifier for all the contents of the block, sort of like a digital fingerprint. Crucially, once data has been recorded and verified in a block, it cannot be altered. Instead, if a change has to be made, this is recorded and verified in a new block which is then added to the chain.

Each new block reinforces the verification of the previous block and hence the entire blockchain. The block also contains the hash of the previous block in the chain. These are the backbone of a public blockchain. A cryptographic hash function is basically a mathematical algorithm that maps data of arbitrary length to an output of fixed length.

So, if you want to represent, for example, a list of names of varying lengths, a hash function would output each of these names the data into a unique string of numbers of a fixed length. This string of numbers is known as the hash. Hashing is considered a function that only works one-way. The fastest way to guess the data that produces a given hash is simply to guess and check, over and over again.

In the Bitcoin blockchain, which uses a proof of work consensus mechanism, computers in the network join in this elaborate guessing game hoping to solve the puzzle first. The computer with higher computational power - meaning the capability to run through more guesses faster - is more likely to win the race and therefore verify the block for the reward of Bitcoin. A public blockchain like Bitcoin, allows anyone to join the network and access the distributed ledger.

A private blockchain is a closed network. It still uses some decentralisation and a peer to peer system, but overall this kind is controlled by a single entity and access is restricted to a defined network. A hybrid blockchain is a combination of a public and private blockchain.

This kind of blockchain allows an entity to distribute a ledger with some publicly accessible data but also restrict access to more sensitive data within the network. A consortium blockchain has similarities with a private blockchain only. This type of ledger is controlled by multiple entities rather than a single one. This content is not available in your region. Explained: What are Bitcoin, blockchain and the cryptos shaking up the world of finance?

How European governments can benefit from blockchain - and it has nothing to do with cryptos Why financial institutions must invest in blockchain, cryptocurrencies and AI. Biztech news.

5 Ways to Earn Passive Income From NFTs

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it's used and its history. Blockchain, sometimes referred to as Distributed Ledger Technology DLT , makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred.

What on earth is Blockchain?

Public trust and confidence and effective, efficient operations remain some of the most pressing challenges faced by charities. Blockchain enthusiasts suggest this emerging technology could be the solution. Prefer to listen to this story? Here it is in audio format. Every now and then, a charity makes headlines for all the wrong reasons, often relating to governance failings. Dr Sanjaya Kuruppu, senior lecturer in accounting at the University of South Australia, has done extensive research on corporate social responsibility and the governance of non-government organisations. Blockchain was released in as the underlying platform for the cryptocurrency Bitcoin , and is now used by the financial services, telecommunications and insurance sectors, and other companies. To encourage transparency, organisations such as the UN World Food Programme have started to incorporate blockchain into their funding and distribution model, says Schmitz.

Blockchain explained... in under 100 words

Open access peer-reviewed chapter. In the rapidly evolving environment of the international supply chain, the traditional network of manufacturers and suppliers has grown into a vast ecosystem made of various products that move through multiple parties and require cooperation among stakeholders. Additionally, the demand for improved product visibility and source-to-store traceability has never been higher. Blockchain technology has shown promising results for improving supply chain networks in recent applications and has already impacted our society and lifestyle by reshaping many business and industry processes.

Blockchain and the future of accountancy

Read time: 6 mins. Brick-and-mortar retailers continue to lag behind when it comes to the adoption of blockchain. However, a shift in thinking has been occurring over the past few years, with a growing number of organizations recognizing the potential of this technology. This shift is part of the greater digital transformation taking place across the retail industry. A Deloitte study found that, in addition to e-commerce, digital interactions influence more than half of every dollar spent in brick-and-mortar stores, driving expectations of price transparency, convenience, and relevance.

Explainer: What is a blockchain?

Cloud has now been integrated deep into all our business processes and functions. Right from watching Netflix to our everyday email exchanges have cloud computing as a base. AWS, Microsoft Azure, Google Cloud, Salesforce, and many more are among the top cloud service providers, used by everyone around the world. Revolutionary steps are being taken already for the future of cloud computing, such as Windows that helps set up a virtual cloud computer anywhere in the world. The global cloud computing market is forecasted to grow to USD Blockchain is another innovative, evolving technology that is being adopted by millions of enterprises worldwide. Do you know how these two technologies leverage each other? Is blockchain in cloud computing further revolutionizing industries and bringing in innovative possibilities?

5 things you should know about Blockchain

And while a vast majority of NFTs are created, bought and sold using Ethereum, high gas fees can make the process incredibly expensive. To make up for these costs, many investors and creators simply try to offload their NFTs on secondary marketplaces , such as OpenSea , and bank a profit. But there are a number of ways to generate an income from NFTs than selling them at a higher price than you paid or created them for. For those unfamiliar with the concept of NFTs , think of them as tradable digital receipts stored on a publicly distributed database, called a blockchain, that everyone can see and independently verify at all times.

www.makeuseof.com

RELATED VIDEO: Cryptocurrency In 5 Minutes - Cryptocurrency Explained - What Is Cryptocurrency? - Simplilearn

While blockchain hit the mainstream and became a buzzword with bitcoin and other forms of cryptocurrency, its potential extends much further. By allowing digital information to be distributed and not copied, blockchain technology is gaining attention for its potential use in many industries. At its most basic, a blockchain is a time-stamped series of immutable data records that are managed by computers not owned by any single entity. Each block is secured and bound to the other using cryptographic principles, or the chain. The blockchain network is not governed by a central authority.

Blockchain Technology Explained- Components and Applications

Blockchain is being touted around the world as a disruptive technology that could revolutionize finance, trade, legal systems, digital media, and much more. To help laymen better understand blockchain, we reached out to Bitcoin experts around the globe. We issued each of them a challenge: explain blockchain in words or less. As it turns out, even they can struggle to explain blockchain in simple terms. Blockchain tech is fairly complex, so condensing it down into a one or two paragraphs is no easy task. Comparitech took a stab at the challenge as well, but in video form. Here is our animated explanation of blockchain in less than seconds.

5 Blockchain Security Issues & Tips for Solving Them

Ever since Satoshi Nakamoto published an invention he called bitcoin in , cryptocurrency has had its ups and downs. More recently, however, people have looked beyond bitcoin as being a controversial currency used for nefarious black market activity and into the endless possibilities that it presents. At the forefront is the public ledger that records every bitcoin transaction known as a blockchain. The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that is not only changing the way we handle financial transactions, but also alternative uses that will change the world.