is a buzz lately about Blockchan technology and its uses in finance, secure ID, secure cloud storage andmany uses that haven.t been thought of yet. But, what's a blockchain?

The software is a software design to record a digital transaction in a ledger. Not impressed yet? The ledger is decentralized. It exist on thousands of computers with the exact same transaction record. Why should you care? You should be glad because the distributed ledger ensures transaction security. How so? 

When a transaction takes place, the exchange of currency or contract action, it is recorded in the distributed ledger (blockchain) on all the computers. They all confer and agree that the transaction is legit. What if someone tries to hack the blockchain transaction? All the computers with a copy of the ledger would detect there there is a change and will confer with each other. Since the hack is at one entry-point is out of sync with the others and the transaction is rejected.

Think about it, to perform a successful hack on the blockchain would involve changing the transaction on all the computers containing the distributed blockchain at the SAME TIME. If you go mad hacking skills like that and enough computing power, you would be far too rich to be both with me sending currency to my folks overseas. The main promise of Blockchain technology is security; trust that the transaction is being executed as intended.

This security fosters trust. This secure transaction is required for secure transactions of currency and contract fulfilment. In later post, I will feature current and future application of Blockchain technology and how it will impact our lives.