My Geek Score: Blockchain is an expanding technology that is making waves in recent years. The blockchain revolution has been in the news since the early days of Bitcoin, and has developed into a topic of conversation and speculation by many.
The bitcoin blockchain is a decentralized, peer-to-peer, digital currency system that enables the instantaneous transfer of value without fees or intermediaries. It was invented in 2009 by a pseudonymous person or people known as Satoshi Nakamoto. A few months later, bitcoin rose to over $1,000 before starting to decline over the next several months.
Other cryptocurrencies such as Ethereum and Ripple are also built on top of the bitcoin blockchain. These are often called "utility tokens" because they can be used for almost any purpose other than simply buying and selling goods and services — for example, they can be used for creating digital assets, such as digital currencies like bitcoin or ether.
Bitcoin does not have a clear definition as many people use it interchangeably with cryptocurrency or cryptocurrency exchange-traded fund (ETF). But it's actually more than that: it's software that runs on computers around the world — in fact, there are thousands of computers around the world mining Bitcoin transactions. These miners produce new bitcoins every 10 minutes or so when they solve cryptographic puzzles using their computers' main memory — a process that requires ever-increasing amounts of computational power, electricity and cooling fans (which is why some people refer to it as "mining").
Bitcoin transactions occur by sending bitcoins from one wallet to another using public keys stored in a public ledger called the blockchain. Public keys are unique to each bitcoin address, which means you can only send bitcoins from your own account (in which case you're giving away your private key) to others who have access to your public key (that means you're giving away your public key). Public keys can also be linked to virtual wallets where bitcoins can be stored digitally without exposing the private key (for example Bitpay Secure Wallet).
The term "blockchain" refers to the distributed ledger technology behind cryptocurrencies like Bitcoin and Ethereum. Blockchain technology allows users to create their own digital records through programming code on computer servers all around the world – called nodes – rather than storing records on physical devices like hard drives or paper files as companies do now through their traditional databases.
For more information: Blockchain Technology is Best Explained: Timeline, Types, Uses and How to Invest
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