Lately the term blockchain has been going around all over the net and media, but many of us are still wondering what is blockchain? It is a secure transaction ledger data-based that is shared by all parties participating in an established, distributed network of computers in other words it records and stores every transaction that occurs in the network, essentially eliminating the need for third parties such as payment processors.
Bit coin is an application that runs on the Blockchain, due to the bad publicity received by bitcoin recently, the developers often describes this innovation as a transfer of trust in a trust-less world. But how does it work? Blockchain is a combination of three technologies: private key cryptography, a distributed network with a shared ledger and an incentive to service the network’s transactions, record-keeping and security.
One of the most attractive aspects of blockchain technology is the unchangeable nature of the transactions. Odds are that this will create more secure public and private online transactions, resulting in less fraud, which will ultimately regain the trust of the public.
A technology like this one will revolutionize data centers and cloud providers like Whitelabel ITSolutions by providing even more secure services for our costumer.