Blockchain

There are many discussions about blockchain. Some IT experts consider blockchain as future technology. First of all, it is necessary to understand what blockchain is.

Blockchain is…

The blockchain is a chain of blocks, which include information. The copies of chains of blocks are stored and processed independently. A special key is required to access the blocks. This approach assures high security and processing speed.

The spheres, where blockchain can be used are different. Usually, these are the spheres where information protection is required, like financial operations (buying, selling goods or services), authentication, data management, etc.

Blockchain becomes more popular among banks because of its processing speed and protection. The first operation using this technology was executed in 2016. Ireland, the United Kingdom and Israel took part in the operation. The operation decreased the time necessary for the operation to 4 hours. Without blockchain, the operation would require 3 weeks.

The blockchain is used in a very popular cryptocurrency — Bitcoin.

The technology is very perspective. The necessity of specialists in the blocking technology has increased greatly. American banks paid attention to the technology as well, which means that they trust it.

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