Contact us today!
(800) 588-4430

Telesys Voice and Data Blog

Telesys Voice and Data has been serving the Richland Hills area since 1994, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

Here’s Our Rundown on Blockchain Technology

Here’s Our Rundown on Blockchain Technology

As we discuss business technology, we occasionally broach topics that not everyone may be familiar with. Despite the recent media coverage that has been afforded to it, Bitcoin and blockchain technology may be a good example of one such topic. To resolve this, we’ve put together the following primer on this technology and how it will impact data security in the future.

To Begin, An Introduction To Bitcoin
Bitcoin is a digital currency that exists exclusively in code form, without any physical coinage or paper monies representing it. All it takes to get Bitcoin is some higher-end computer hardware (even commercially-available hardware will work) that a user can then use to “mine” the cryptocurrency, effectively inventing the money. However, Bitcoin is in finite supply, and requires intensive computing resources to work for a considerable amount of time to generate even the smallest amount. Many online stores have begun to accept Bitcoin as tender.

At the time of this writing, Bitcoin has risen in value to be worth thousands of dollars apiece, up from as low as $.08 in 2009.

An Introduction to Blockchain
True to its name, a blockchain is a chain of ‘blocks’ containing information, connected in sequence to allow secure and reliable accounting for the information it contains. Blockchain was first used in 1991 to enhance the security of timestamped documents, as it prevented them from being altered. More recently, blockchain has been dubbed “The Internet of Value” considering how it functions in a similar way to a database. However, a traditional database and a blockchain are different in quite a few ways.

The blockchain gives a user a digital ledger of the activity of the data it contains. The encrypted data is confirmed, distributed through a number of linked transactions and replicated for each user that accesses it. The itemized and uneditable nature of the blockchain makes it an excellent candidate for relaying certain varieties of information, including currency and cryptocurrency, shareholder information, and medical records.

How Blockchain Is Put to Use
Despite most users having not yet heard of it, many industry professionals have deemed blockchain as the “new Internet.” Indeed, many of the technologies that currently leverage centralized hosting could see some significant benefits by shifting to a blockchain-based distributed hosting strategy. For example:

  • Security: As history has proved for many companies, it is safer to keep multiple copies of data in disparate locations. Data’s decentralization through blockchain makes that easier.
  • Data Management: Blockchain makes the verification data more robust through its complete transformation.
  • Logistics: Companies and consumers alike can enjoy more transparency, as individual goods are traceable back to their point of origin.
  • Investing: Investments, including crowd-based funding, are given improved security and reliability through the use of blockchain.
  • Internet of Things: Blockchain can be used to accomplish a few purposes that concern the IoT, including to serve as a platform for remote systems automation, and reducing the privacy issues associated with IoT endpoints.

How Blockchain Relates to Bitcoin
You might have seen Bitcoin appearing in the news more and more often during recent weeks. This trend, as well as the creation of more new cryptocurrencies, has been boosted by the spreading use of blockchain technology. Bitcoin has a cap of 21 million, which protects it from inflation.

However, today’s miners use Application Specific Integrated Circuit (ASIC) systems to do their dirty work, but as in the gold rush, a multitude of new miners have appeared as the value of Bitcoin has ballooned. This has forced Bitcoin miners to come up with new strategies so that they have a chance of hitting pay dirt, technologically speaking. Now, instead of seeking out full Bitcoins, miners seek out small pieces of the cryptocurrency in pools of data.

Bitcoin is a currency that has a value completely dependent on the market for it. Since it leverages blockchain technology, if there’s Bitcoin up for grabs, it is for real.

Speculation puts the value of Bitcoin at $250,000 each by 2024, when about 95% of all Bitcoin will have been released. The demand for Bitcoin has spilled over to investments, as financial institutions have begun to push investors toward Bitcoin futures. This only goes to show how much confidence there is in Bitcoin and, by extension, blockchain technology.

It won’t be long before the blockchain is common knowledge, but until that time, we are happy to have shed some light on the tech that will spur the Internet of Things and the future of currency onward and upward.

So, do you have any cryptocurrency to your name, Bitcoin or otherwise? Do you see digital currency shaping the future of our finances? Share your thoughts in the comments section!

Comments

 
No comments yet
Already Registered? Login Here
Guest
Sunday, 22 April 2018
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Blog Archive

Free Consultation

Sign up today for a
FREE Network Consultation

How secure is your IT infrastructure?
Let us evaluate it for free!

Sign up Now!

Free Consultation
 

Tag Cloud

Security Tip of the Week Technology Cloud Best Practices Hackers Privacy Malware Business Computing Productivity Business Email Microsoft Internet Windows 10 Hosted Solutions Backup Ransomware Computer IT Services Software Managed Service Provider Network Security Smartphone Mobile Devices Android User Tips Managed IT services Google IT Support Workplace Tips Hardware Browser Communication Social Media Efficiency Outsourced IT Disaster Recovery Business Continuity App Innovation Data Management Smartphones Small Business Office Business Management Data Holiday Cloud Computing Upgrade Remote Monitoring Server Office 365 Data Backup Windows Miscellaneous WiFi Microsoft Office Facebook Artificial Intelligence Spam Gmail Big Data Internet of Things Network Encryption Robot Firewall Data Recovery Apps Phishing Hosted Solution Recovery Password Saving Money Unified Threat Management Remote Computing Employer-Employee Relationship Risk Management How To Government Word Save Money Paperless Office Passwords Hacker Money Chrome Infrastructure Work/Life Balance Apple Avoiding Downtime Content Filtering Tip of the week Productivity Customer Service Mobile Device Management Cybersecurity Office Tips IT Support Operating System Alert Managed IT Services VoIP Two-factor Authentication Data storage Presentation Business Growth Settings Computing Analytics IT Management Tech Term The Internet of Things Customer Relationship Management Computers Antivirus Outlook Virtual Reality Mobile Device Managed IT Bandwidth SaaS Data loss BYOD Education Applications Health Cybercrime Windows 10 Hacking Telephone Systems Mobile Computing Social Document Management Tech Support Vendor Management Website Data Security Wi-Fi Physical Security Virtual Private Network Going Green Humor YouTube Taxes Unified Communications Botnet Server Management Printing Analyitcs LiFi Samsung Licensing Maintenance Digital Payment Storage Specifications Computer Care Augmented Reality Project Management IBM Running Cable Training User Business Technology Tablet Retail Bring Your Own Device Search Upgrades Automobile Sports Budget IT service Best Practice Cortana End of Support Lithium-ion battery Virtualization Business Owner Administration Mouse HIPAA Marketing Collaboration IT solutions Mobile Security Scam Safety Legal Vulnerability Wireless Technology File Sharing Twitter Wireless Competition Politics Monitors VPN Travel Downtime communications Google Drive Identity Theft Information Technology Websites Automation Dark Web Domains Nanotechnology Motion Sickness Computing Infrastructure Techology 5G Access Control Google Docs Assessment Entrepreneur Environment Supercomputer Help Desk Chatbots data services Cyber Monday Writing Application Users Data Warehousing Personal Information Mail Merge Public Speaking IT Consultant Alerts Disaster Resistance SharePoint Consultation Troubleshooting IT Budget Statistics Identity Machine Learning User Error flu season Social Engineering Microsoft Excel Computer Repair Address Meetings Phone System Cleaning Cooperation Notifications Proactive IT Downloads Bluetooth Hard Drives Software Tips Relocation Laptop Fort Worth Virtual Desktop Blockchain Electronic Medical Records Redundancy Google Wallet Corporate Profile Webcam Staff Crowdsourcing IT Consulting Multi-Factor Security Dark Data Quick Tips Refrigeration Compliance Private Cloud Halloween flu shot Point of Sale Permissions Drones WannaCry Deep Learning Flexibility Data Breach Fun Google Calendar Time Management Cabling Regulations Error Scary Stories Fort Worth IT Fraud Operations Technology Laws Legislation Network Management iPhone Undo Social Networking DFW IT Service Web Server Net Neutrality Update Lenovo IP Address VoIP Staffing BDR Alt Codes Wearable Technology Unified Threat Management Touchscreen 3D Printing Shortcut Disaster Motherboard Administrator Smart Technology Cameras Internet Exlporer Chromebook Superfish Mobile Office Digital GPS Google Maps Typing Law Enforcement business communications systems Software as a Service Network Congestion Unsupported Software Patch Management Uninterrupted Power Supply Router Buisness Distributed Denial of Service CCTV Emoji Spyware Tracking PowerPoint Cryptocurrency IT Technicians Gadget Internet Protocol Knowledge Technology Tips Display Mobile Data Hacks Solid State Drive Consumers Modem Managed IT Service Hotspot Networking How To Bitcoin Mirgation VoIP streamlines Experience Comparison Heating/Cooling Current Events Hard Disk Drive Cookies Break Fix G Suite Language Processors Printer Firefox eWaste IT Sevices Windows 8 Migration business network infrastructure Black Friday Servers

Top Blog

Don't be Afraid to Replace Got an older PC that's causing you a lot of issues? Older technology is typically more expensive to run, and after a while, it's cheaper to simply buy a new desktop than it is to continue pouring money into something that always seems broken. It's a great time to buy wo...
QR-Code