Ever had trouble making money transactions through banks due to security issues or slow processing time? We’ve all been there, and it isn’t pretty. It is in this regard where blockchain technology and the era of digital currency take center stage.
What is Blockchain?
Blockchain is defined by Wikipedia as “a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. “
It is considered as one of the safest ways to do transactions online due to its decentralized nature, meaning its database isn’t stored in a single data center. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis.
How does it work?
Ian Khan, a TedX speaker, stated that “Blockchain helps to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”
Blockchain is all about transparency. All data are within the network and any change on any unit of data has to be applied to the whole system before the change is implemented. This is what makes blockchain incorruptible. Changing data within the system, however, requires tremendous computing power to override the entire network.
Essentially, a blockchain is a network of nodes with data stored across its network reducing or eliminating the risks of data breach.
Blockchain in Action
Bitcoin, one of the biggest disruptors in the tech industry today, is an application of blockchain technology. Digital currency such as bitcoin is just one of the many applications of blockchain in today’s world.
Nowadays, blockchain technology has been utilized in creating applications related to cross-border payments, asset management, and Internet of Things (IoT) to name a few.
The Future of Blockchain
The future of blockchain technology remains strong despite the recent issues Bitcoin has been experiencing in recent times. But despite that, developers and companies continue to adapt blockchain technology and utilizing it in ways more than what we imagined.
Blockchain has paved the way for new innovations aimed at making our lives easier. One of which is known as Encrypblock, a new encryption technology algorithm that promises faster, more efficient and secure system for all your digital transactions anywhere in the world.
Blockchain VS Encrypblock
Is Encrypblock the new blockchain? On the surface, it may seem to be the case as it offers a different approach to digital currencies and financial systems. However, we see encrypblock as an improvement to the current blockchain technology designed to make digital transactions simple, fast and hassle-free for everyone.
An introduction of a new system creates a more robust environment for consumers and businesses alike to explore in order to provide and experience the best service in digital transactions.
Blockchain is here to stay and with the introduction of new and secured system such as Encrypblock, it seems that the future is here and now.
Skipjack Corporation is an internet technology and global payments company working to enable consumers, businesses, banks and governments to use digital currency using an encryption algorithm to secure transactions, control the creation of additional units and verify transfers.