How blockchain technology is changing the tech industry
Whether you work in the tech industry, a commercial sector that relies heavily upon it, or in a completely unrelated field, chances are you’ve heard the term, blockchain. From Twitter timelines to news reports to water-cooler conversations, it’s increasingly becoming a part of our global lexicon, right along with its cousins, cryptocurrency (crypto) and bitcoin.
If this emerging area of technology still seems a bit fuzzy and vague to you, take heart – you are not alone. But one thing is clear: blockchain technology is materially changing the tech industry. It is creating new opportunities – including increased demand for technical talent – based on new ways of doing business and how we transact, invest, store, secure, share and leverage digital data.
To get you up to speed, here’s a primer on how blockchain technology works and how it’s transforming the tech space.
What is a blockchain?
A blockchain in its simplest form is a distributed or decentralized database in which a set of data (a digital ledger of transactions) is stored among a network of computers making it more secure and difficult to hack or alter. In turn, this enables people to use the data to transact with one another more securely, without a third party, like a bank or government, being involved to control the transactions.
How do blockchains work?
Blockchains work by collecting data in groups called blocks. These blocks of information have certain storage capacities that once filled, are closed and linked to the previous block, forming a chronologically ordered data chain or blockchain. In this way, no single person has control over the data. Rather, all contributors to the chain collectively control it.