Blockchain is an innovative new technology that many believe will be as impactful and revolutionary in this world as the internet. Due to its disruptive potential, blockchain has become a hot topic spurring conversations at the highest levels, including in the U.S. Congress and at the United Nations.
Invented in 2008 by an anonymous person or group under the name Satoshi Nakamoto, blockchain became the public transaction ledger for a new type of currency – a cryptocurrency. Nakamoto’s creation of blockchain for Bitcoin enabled the cryptocurrency to operate free from the control of any central authority. This gave Bitcoin some unique properties not previously seen in any other payment system.
Since blockchain’s introduction to the world through Bitcoin, developers have taken the technology and applied it in countless projects. Today, thousands of cryptocurrencies exist that utilize blockchain technology, looking to either serve a similar purpose to Bitcoin or something different. Blockchain use is also being explored and applied in various industries, including gaming, healthcare, supply chain management, financial services, digital identities, energy markets, and more.
There are three main types of blockchain, public blockchains, private blockchains, and hybrid blockchains. Public blockchains are open and unrestricted, allowing anyone to send transactions or become a validator. Private blockchains are restricted, so participants need permission from network administrators to be able to use it. Hybrid blockchains share the characteristics of both public and private blockchains. This allows the developers to determine which information is kept private and what is public.
As the blockchain industry grows and develops, the problems its solves and the solutions it brings will become more significant. Here at [blokt], our professional journalists stand ready to report on any major developments that involve blockchain. You can find the latest stories here in our Blockchain News section. Likewise, you can also browse our ‘Blockchain Guides’ section for a list of helpful guides and in-depth articles on blockchain technology.
