Enterprise technologies have primarily aimed at making business processes and transactions more reliable and faster. But up until now, no technology has changed the very nature of enterprise computing ever since the mainframe era, as blockchain promises to do. The potential is immense, and the world is just beginning to wake up to enterprise blockchain computing.
For almost everyone in touch with the modern world, the word blockchain conjures images of overnight wealth, rags to riches and billionaire hacker geniuses in stylish hoodies. If that rung a bell, it’s also because most of us equate blockchain with the world’s first and
most popular cryptocurrency, bitcoin. Agreed that bitcoin was one of the earliest implementations of blockchain and innumerable cryptocurrencies that followed have since crowded the internet by no small measure, the attention on the underlying technology is largely lacking. Yes, blockchain has the potential to change the world, and yes, it will change the way businesses transact for a long, long time to come. Here’s a look at the how behind the what:
Blockchain ArchitectureThe term means almost exactly what it says; secure, encrypted blocks of data stored in a private, peer to peer chain (network, where each block contains data of its predecessor). This sounds simple enough, except that the level of sophistication of each of those components is extremely high. For example, in a blockchain driven environment, there is no central database. It is broken up, scrambled, and the data stored in it is indelible, with a timestamp record. Most often called a decentralized public ledger, it distributes its records among several computer nodes, and also shares it’s computing resources among them.
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