Block Chain: a VALUE-EXCHANGE protocol!
What is blockchain?
A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority.
Once a block of data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. When someone wants to add to it, participants in the network — all of which have copies of the existing blockchain — run algorithms to evaluate and verify the proposed transaction. If a majority of nodes agree that the transaction looks valid — that is, identifying information matches the blockchain’s history — then the new transaction will be approved and a new block added to the chain.
Emerging ecosystem that is growing on it:
Just as TCP/IP allowed information to be transmitted instantly, today, the Block Chain Protocol allows the instant transfer of value irrespective of size.
FROM 2008 TO date, no other technology has been the subject of such fervent debate. Irrespective of any opinion, the rise in popularity of cryptocurrencies cannot be ignored. Today, there are a number of billion dollar businesses that accept cryptocurrencies as a form of payment. These include Dell, Reddit, Expedia, PayPal, and most recently, Microsoft. At a time when companies face new challenges in data management and security, it’s emerging as a way to let companies make and verify transactions on a network instantaneously without a central authority.
Today, according to Gartner’s report more than world’s 40 top financial institutions and a growing number of firms across industries are experimenting with distributed ledger technology as a secure and transparent way to digitally track the ownership of assets, a move that could speed up transactions and cut costs while lowering the risk of fraud.
Here where EGS comes
From training to implementation, EGS Team is here to help you leverage the Blockchain Ecosystem, giving an in-depth understanding of Blockchain for all skill levels, using best practices for collaborating on code with any technologies used.
Regardless of the scope of your migration, EGS Experts can help you migrate your data in the safest, most efficient way possible.
We‘ll help you to set up and administer your instance.
Our specialists will help with Data API Integration, Setup, Assess Authentication and Security needs, and train Enterprise Administrators in their day-to-day tasks.