A little known fact about Blockchains, is that they can also be called the world’s computer network. This technological breakthrough was inspired by the internet and its underlying technology, Distributed Ledger Technology (DLT). Unlike the internet, which refers to the total number of computers that can connect to the internet, a Block Chain is actually a group of databases or lists of public key chains. A number of applications use Block Chain technology such as software, smart cards, Internet wallets, online identities and digital certificates among others. When one mentions the term “blockchain”, this refers to the core elements within this technological platform and this includes the technology, the ledger, the network, the recording devices, as well as users and their roles and responsibilities.
Blockchains works like the traditional ledgers in that it records all monetary transfers and information in a database, called the ledger. However, unlike the conventional ledgers, the Block Chain is not restricted to just recording monetary transfers. It is also used to identify and transfer digital assets such as identity or digital certificates among other things. While most people relate Block Chains to the internet, the truth is that this technology can also be found throughout many of today’s business and computer systems. The major difference between an internet ledger and a Block Chain is that while the ledger is maintained by a number of computers all connected to the internet, the Block Chain is maintained by a single computer system that acts as a decentralized ledger.
An example of a Block Chain would be the Camp contributors board, which maintains a “camp contributors directory”. Transactions and value from previous blocks are logged into this directory by the number of contributors that have added any comments or suggestions into the database. A new Block Chain can be proposed and launched by anyone that has the power to sign up as a signer on the ledger. As well, there is an idea of a “miner” that is a group of people that will pool their efforts and energy to secure the block chain so that future blocks are secured properly and no information is tampered with. In conclusion, the Block Chain is becoming an increasingly popular component in the technological world that is trying to make the world a more secure place.