We at The Society believe blockchain is a transformational power with a lot of potential because while most commonly associated with Bitcoin and cryptocurrency applications, the blockchain is capable of so much more. Mentioned in the article for example were smart contracts, supply chain solutions, food safety, and even applications for health care.
According to Seeking Alpha, Blockchain is a shared, decentralized ledger that provides a record of digital events and transactions across a distributed network of computers. This technology offers untrusted consensus on a common digital history without the use of an intermediary. Blockchain uses cryptography that allows each user on the network to add information to the chain securely. When a user enters a new block of data, it is verified by the rules of the blockchain referred to as mathematical algorithms based on information already stored on the chain. If the majority of the users agree that the transaction matches the blockchain history, the transaction is approved and the ledger is updated with a new block in the chain.
We at The Society agree with Seeking Alpha and its belief that “it is important for investors not to confuse Bitcoin and Blockchain because the digital or cryptocurrency known as Bitcoin is only one application of blockchain technology, like email or search is just one application of the Internet”.
We at The Society recommend reading the full article available below:
https://seekingalpha.com/article/4148360-life-blockchain
More on our startup 'The Society' Below:
Society.io
@SocietyStreams
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