Contact us today!
(800) 588-4430

Telesys Voice and Data Blog

Telesys Voice and Data has been serving the Fort Worth 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
Tuesday, 23 January 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 Best Practices Hackers Cloud Privacy Productivity Malware Business Computing Business Microsoft Email Internet Windows 10 Backup IT Services Hosted Solutions Computer Android Smartphone Managed Service Provider Software Network Security User Tips Workplace Tips Ransomware Google IT Support Mobile Devices Hardware Browser Communication Managed IT services Social Media Business Continuity Efficiency Disaster Recovery Smartphones App Outsourced IT Data Holiday Office Office 365 Innovation Miscellaneous Windows WiFi Data Management Microsoft Office Facebook Small Business Upgrade Business Management Remote Monitoring Data Backup Big Data Internet of Things Network Spam Artificial Intelligence Data Recovery Gmail Firewall Robot Apps Phishing Encryption Hosted Solution Recovery Password Employer-Employee Relationship Server Risk Management Unified Threat Management Word Hacker How To Apple Avoiding Downtime Save Money Tip of the week Money Content Filtering Cloud Computing Work/Life Balance Customer Service Mobile Device Management Cybersecurity Office Tips Productivity Two-factor Authentication Settings Alert Analytics Customer Relationship Management Outlook The Internet of Things Managed IT Computers Data storage Computing Chrome Passwords Bandwidth Windows 10 Health Education Government Cybercrime SaaS Telephone Systems Hacking Social IT Support Wi-Fi Operating System Managed IT Services Saving Money Remote Computing VoIP Presentation Business Growth Google Drive LiFi Websites Automation Physical Security Going Green Taxes Antivirus Specifications Botnet Mobile Device Printing Samsung User Data loss Running Cable Tablet IBM Retail Search Computer Care Best Practice Bring Your Own Device Sports Lithium-ion battery IT service Virtual Reality Business Owner Cortana Training Scam Virtualization Paperless Office Applications Marketing Administration Vulnerability BYOD Upgrades Mobile Computing Automobile Safety Budget IT solutions Competition End of Support Tech Support Data Security Wireless Technology Wireless Mouse Virtual Private Network Information Technology Downtime Website Collaboration Humor Legal communications YouTube File Sharing Twitter Analyitcs Licensing Unified Communications Politics Maintenance Monitors IT Management Vendor Management Digital Payment Travel G Suite Bluetooth Cyber Monday Processors Software Tips Redundancy Data Warehousing Corporate Profile Phone System Quick Tips SharePoint IT Consulting Alerts Motion Sickness flu season Google Docs Laptop Project Management Microsoft Excel Hard Drives WannaCry Writing Time Management Downloads Personal Information Virtual Desktop Data Breach Cooperation Augmented Reality IT Consultant Fort Worth Cabling Halloween Business Technology Blockchain Refrigeration Machine Learning Social Engineering Network Management Multi-Factor Security Computer Repair Technology Laws Staff Meetings Fun Cleaning flu shot Notifications Infrastructure Storage Deep Learning Staffing Scary Stories Lenovo Permissions Relocation iPhone VoIP Touchscreen Google Calendar Electronic Medical Records BDR Google Wallet Unified Threat Management Webcam Shortcut Fort Worth IT Crowdsourcing Disaster Dark Data GPS Superfish Fraud Undo Private Cloud Digital Legislation Google Maps Drones business communications systems IP Address Point of Sale Alt Codes Patch Management DFW IT Service Uninterrupted Power Supply Tracking Net Neutrality Error Spyware Mobile Office Internet Protocol Typing Smart Technology Solid State Drive PowerPoint Document Management Buisness Networking Internet Exlporer How To VoIP streamlines Web Server Heating/Cooling Software as a Service Update Consumers Cryptocurrency Knowledge VPN Distributed Denial of Service Hard Disk Drive Firefox 3D Printing Identity Theft Mobile Security Administrator business network infrastructure Cameras Servers Technology Tips Chromebook Bitcoin Experience Managed IT Service Law Enforcement eWaste Network Congestion Assessment Unsupported Software Supercomputer IT Sevices Techology Hotspot data services CCTV Server Management Comparison Emoji Help Desk Windows 8 Mail Merge Break Fix Gadget Environment Display Consultation Printer Mobile Data IT Budget Hacks Disaster Resistance Language Domains User Error 5G Statistics Black Friday Entrepreneur Address Dark Web Application Troubleshooting Access Control Current Events Users Proactive IT Computing Infrastructure Public Speaking

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