Bredy Network Management Corporation Blogs

BNMC has been serving the Andover area since 1988, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

Here’s Our Rundown on Blockchain Technology

Here’s Our Rundown on Blockchain Technology

As we discuss business technology, we occasionally broach topics that not everyone may be familiar with. Despite the recent media coverage that has been afforded to it, Bitcoin and blockchain technology may be a good example of one such topic. To resolve this, we’ve put together the following primer on this technology and how it will impact data security in the future.

To Begin, An Introduction To Bitcoin
Bitcoin is a digital currency that exists exclusively in code form, without any physical coinage or paper monies representing it. All it takes to get Bitcoin is some higher-end computer hardware (even commercially-available hardware will work) that a user can then use to “mine” the cryptocurrency, effectively inventing the money. However, Bitcoin is in finite supply, and requires intensive computing resources to work for a considerable amount of time to generate even the smallest amount. Many online stores have begun to accept Bitcoin as tender.

At the time of this writing, Bitcoin has risen in value to be worth thousands of dollars apiece, up from as low as $.08 in 2009.

An Introduction to Blockchain
True to its name, a blockchain is a chain of ‘blocks’ containing information, connected in sequence to allow secure and reliable accounting for the information it contains. Blockchain was first used in 1991 to enhance the security of timestamped documents, as it prevented them from being altered. More recently, blockchain has been dubbed “The Internet of Value” considering how it functions in a similar way to a database. However, a traditional database and a blockchain are different in quite a few ways.

The blockchain gives a user a digital ledger of the activity of the data it contains. The encrypted data is confirmed, distributed through a number of linked transactions and replicated for each user that accesses it. The itemized and uneditable nature of the blockchain makes it an excellent candidate for relaying certain varieties of information, including currency and cryptocurrency, shareholder information, and medical records.

How Blockchain Is Put to Use
Despite most users having not yet heard of it, many industry professionals have deemed blockchain as the “new Internet.” Indeed, many of the technologies that currently leverage centralized hosting could see some significant benefits by shifting to a blockchain-based distributed hosting strategy. For example:

  • Security: As history has proved for many companies, it is safer to keep multiple copies of data in disparate locations. Data’s decentralization through blockchain makes that easier.
  • Data Management: Blockchain makes the verification data more robust through its complete transformation.
  • Logistics: Companies and consumers alike can enjoy more transparency, as individual goods are traceable back to their point of origin.
  • Investing: Investments, including crowd-based funding, are given improved security and reliability through the use of blockchain.
  • Internet of Things: Blockchain can be used to accomplish a few purposes that concern the IoT, including to serve as a platform for remote systems automation, and reducing the privacy issues associated with IoT endpoints.

How Blockchain Relates to Bitcoin
You might have seen Bitcoin appearing in the news more and more often during recent weeks. This trend, as well as the creation of more new cryptocurrencies, has been boosted by the spreading use of blockchain technology. Bitcoin has a cap of 21 million, which protects it from inflation.

However, today’s miners use Application Specific Integrated Circuit (ASIC) systems to do their dirty work, but as in the gold rush, a multitude of new miners have appeared as the value of Bitcoin has ballooned. This has forced Bitcoin miners to come up with new strategies so that they have a chance of hitting pay dirt, technologically speaking. Now, instead of seeking out full Bitcoins, miners seek out small pieces of the cryptocurrency in pools of data.

Bitcoin is a currency that has a value completely dependent on the market for it. Since it leverages blockchain technology, if there’s Bitcoin up for grabs, it is for real.

Speculation puts the value of Bitcoin at $250,000 each by 2024, when about 95% of all Bitcoin will have been released. The demand for Bitcoin has spilled over to investments, as financial institutions have begun to push investors toward Bitcoin futures. This only goes to show how much confidence there is in Bitcoin and, by extension, blockchain technology.

It won’t be long before the blockchain is common knowledge, but until that time, we are happy to have shed some light on the tech that will spur the Internet of Things and the future of currency onward and upward.

So, do you have any cryptocurrency to your name, Bitcoin or otherwise? Do you see digital currency shaping the future of our finances? Share your thoughts in the comments section!


Comments 1

paul cohen on Tuesday, 02 January 2018 01:25

I am enjoyed each and every seconds while reading blog post. I have read many posts but this is something different and interesting. Love to read your content! I have thoroughly enjoyed reading your points and have come to the conclusion that you are right about many of them. You are definitely great!! Visit this Write my paper service

I am enjoyed each and every seconds while reading blog post. I have read many posts but this is something different and interesting. Love to read your content! I have thoroughly enjoyed reading your points and have come to the conclusion that you are right about many of them. You are definitely great!! Visit this [url=]Write my paper[/url] service
Already Registered? Login Here
Tuesday, 16 January 2018
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Subscribe to Our Blog!

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Tip of the Week Technology Best Practices Cloud Privacy Email Malware Hackers Internet Business Computing Microsoft Hosted Solutions Ransomware Software IT Services Business Network Security Android Computer Smartphone Windows Google Small Business Windows 10 Backup Business Continuity Browser Innovation Internet of Things Data Management Data App Hardware Productivity Outsourced IT Remote Monitoring Phishing Office 365 Mobile Devices IT Support Smartphones Cloud Computing Data Recovery Managed IT Services Saving Money Artificial Intelligence User Tips Encryption Tip of the week Vulnerability Settings Gmail Office Tips Big Data Robot Word Google Drive Facebook Managed Service Provider Upgrade Productivity Cybersecurity Efficiency Risk Management Windows 10 IT Support Data storage Money Save Money Scam Maintenance Automation Chrome Mouse Hosted Solution Server Miscellaneous Bandwidth Workplace Tips IT Management Apple YouTube SaaS Mobile Device Virtual Private Network Social Media communications Holiday Disaster Recovery Telephone Systems Computing Business Management Alert Passwords Antivirus Firewall Data Backup LiFi End of Support Administration Content Filtering Employer-Employee Relationship Analytics Microsoft Office Government Network Unified Threat Management Two-factor Authentication Managed IT Services Outlook Monitors Customer Relationship Management Disaster Alerts Budget Spam Multi-Factor Security Typing Downtime Heating/Cooling Humor Bring Your Own Device Break Fix Current Events Gadgets Uninterrupted Power Supply Networking Computer Care Google Calendar Cryptocurrency Servers Virtual Reality IBM Communication Wireless Dark Web Going Green VPN Users Apps Data Security Halloween Training Legislation Bitcoin Server Management Corporate Profile Storage Writing Microsoft Excel Printing Education Automobile Quick Tips Dell Legal Techology Scary Stories Tablet Windows 8 Website Statistics WannaCry Dark Data Retail Google Maps Blockchain Mail Merge VoIP Unified Communications Unified Threat Management Sports Comparison Bluetooth Data loss Customer Service Office Permissions Address The Internet of Things Avoiding Downtime Vendor Management desktop Operating System User Error Specifications Social Politics VoIP Digital Social Engineering Fraud Information Technology WiFi Collaboration Cybercrime Samsung Time Management Marketing Printer Best Practice Black Friday Search Spyware Safety Mobile Security File Sharing Emergency Network Management Solid State Drive Google Docs Access Control Network Congestion Cyber Monday Hacks Websites Hotspot Google Wallet IT solutions Business Technology SharePoint Business Growth Touchscreen Wi-Fi Hard Disk Drive Computers Smart Technology Password Managed IT Cabling Language Drones Lenovo Running Cable Downloads Hacker Buisness Display Distributed Denial of Service Virtual Desktop Shortcut How To Infrastructure Computing Infrastructure Superfish Laptop Alt Codes BYOD Deep Learning Firefox Digital Payment Managed IT Service Patch Management Meetings Cleaning Work/Life Balance Electronic Medical Records Private Cloud Twitter Upgrades Licensing Webcam Law Enforcement Error Remote Computing 3D Printing Ben McDonald shares Point of Sale Gadget Unsupported Software Paperless Office Staffing Update Administrator Processors Mobile Data what was your? Web Server GPS Recovery Cameras Tracking Chromebook Physical Security CCTV Document Management Tech Support Emoji Notifications Personal Information Identity Theft Cortana Travel Crowdsourcing G Suite Supercomputer Botnet Virtualization CrashOverride Motion Sickness Computer Repair Taxes IT Budget Mobile Device Management Machine Learning How To Health IT Consultant Mobile Computing Relocation Black Market

Sign up for our Newsletter!

  • Company Name *
  • First Name *
  • Last Name *

      What Our Clients Say

      • BNMC has provided us with nothing less than outstanding service and results for all of our IT needs for the past few years. Every member of their staff is professional, knowledgeable, friendly and eager to solve any problem...
      • 1
      • 2
      • 3