Blockchain

What is Blockchain?

Definition of Blockchain:

Blockchain is the term used for a type of public, decentralised ‘digital ledger’ commonly associated with cryptocurrencies such as Bitcoin.

Put (moderately) simply, the Blockchain is an ultra-secure algorithm and data structure that allows the management of electronic records (i.e. currency) across a network of volunteers.

These volunteer ‘nodes’ have to agree on the order in which transactions occur and amendments to the Blockchain before they can be amended, thus making it harder to rewrite or alter anything in a ledger without collective agreement.   

Blockchain’s complex computational requirements make it a difficult for the technology to become ubiquitous in the short-term, however its decentralised nature mean it is being touted as a solution to major marketing issues such as ad fraud, as well as a payment solution for ecommerce providers and even a method of helping to drive-up standards in contact centres.

Related content:

Video: