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Bitcoin Block Chain What is it?

Bitcoin block Chain and block chain generally is a new and promising technology. Block chain is the technology that makes Bitcoin work.

Everyone is excited about Block chain. Mainstream finance, markets, health, art and literacy markets all have great hope for the future of this technology.

Block chain is very similar to the internet itself. It is a base information technology with many potential applications, across many industries.
The best know application of block chain at the moment is Bitcoin and finance. In the future it is expected that block chain technology will be for all sorts of information and reputation systems.

There are many compelling and unique possibilities that this technology provides.

Bitcoin Blockchain and the Future

The first block chain was the Bitcoin block chain. It is a distributed database that tracks balances of Bitcoins.

It is basic. But it has far reaching implications for online transactions. Now we can have truly decentralised internet commerce.

That’s all a block chain is really. It is a decentralised database that updates, without central control.

Blockchain and the sharing economy 2.0 (the real potential of #blockchain for developers) @developerworks https://t.co/0uiI08W4bp

— IBM Research (@IBMResearch) May 15, 2016

It is secured by computing power contributed by a network of computers. These computers are incentivised to compete for the Bitcoins themselves.

All public block chains have a native token. This is a ‘digital currency’ that lives on that network and allows it to exist.

Some other non-financial applications people are excited about are: voting records, land titles, court records, vehicle registration. The list is long, almost endless.

Essentially, anything that requires a database could have a blockchain. The advantage would be universal accessibility of all information.

We consider one of the most exciting areas of development for Block chains at the moment is ‘Smart Contracts‘. Leading the charge with that research is Ethereum.

The native ‘crypto currency’ of the Ethereum network is called Ether (ETH). It is drawing a lot of interest from traders all over the world.

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