BLOCKCHAIN
What is a Blockchain ?
A Blockchain is not too different from things you're familiar with, For example like FIFA.
With a Blockchain, you can write entries into a record of information, the information cannot be changed, just like FIFA the result of the match will be stored it cannot be changed nor deleted.
Let me sum it up a blockchain is 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.
THE BLOCKCHAIN TECHNOLOGY
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater.
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, (Buy Bitcoin) the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
THE FUTURE OF BLOCKCHAIN
According to Gartner, the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030. Gartner does not expect large returns on blockchain until 2025.
IDC expects blockchain spending to grow at a robust pace over the 2016 to 2021 forecast period with a five-year compound annual growth rate (CAGR) of 81.2 percent and total spending of $9.7 billion in 2021. "The United States will see the largest blockchain investments and deliver more than 40 percent of worldwide spending throughout the forecast. Western Europe will be the next largest region for blockchain spending, followed by China and Asia/Pacific (excluding Japan and China)(APeJC). All nine regions covered in the spending guide will see phenomenal spending growth over the 2016 to 2021 forecast period with Latin America and Japan leading the way with CAGRs of 152.5 percent and 127.3 percent, respectively," per IDC.
for the technology.
โThe blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.โ
โ Don & Alex Tapscott, authors Blockchain Revolution (2016)
