What In The World Is Blockchain ?

Introduction to Blockchain :

Before you start talking about Bitcoin, Litecoin or even Ripple aka XRP ( I just like that short form), never forget their roots. All cryptocurrencies went through a system of records or blocks known today simply as blockchain.

Blockchain in simple terms are stack of continuous  records, you know like having pieces of papers forming a book, some say block chain is a ledger others say it is new internet, more like an operating system, friends I agree with all these definitions.

Blockchain can be seen publicly and unanimous, each blockchain can be assigned an address a group of jargoned encrypted letters with numbers and properly codes. Blockchain seen as the birth of new technilogies especially in yhe cryptocurrency world. with notable currencies like Bitcoin having been the oldest and most stable Blockchain is a good example of what Blcokchain technology can do.

As earlier stated Blockchain can be seen as distributed ledgers that form media and have properties that are in blocks. First time the idea of having blockchains were brought about in 1991 when Stuart Haber and W. Scott Stornette presented a work on cryptography.

The idea of having distributed blockchain became a reality in 2008 when under a pseudo Satoshi Nakamoto designed the first ever cryptocurrency Bitcoin, then it was known as the Block Chain by 2016 Block chain became a single word Blockchain.

Blockchain now facilitates millions of secured online transactions as more decentralized altcoins use the technology most notably Ripple (XRP), Recently the Central Bank of Nigeria,the Apex Bank held a stake holders meeting where the discussion was on Blockchain awareness,  ” Virtual currencies as a medium of exchange in Nigeria” It is becoming a trend and this new form of companies all over the world most notably Goldman Sachs, IBM and even accounting giants Deloitte are spending huge amount of money on research and how best to use them for business.

The medical sector is no exception with the pharmaceutical companies picking interest in Blockchain and even some placing Initial Coin Offerings  (ICO) on using such tech.

There is no doubt Blockchain is here to stay and we are definitely going to see it used in our every day live.


Speak Your Mind