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Blockchain, cryptocurrency and Bitcoin for businessess - sage.com






What is Blockchain and How Does it Work?

 

Blockchain may have an essential role in validating cryptocurrency payments, but itís potential is far greater. Essentially a digital ledger, blockchain records transactions and stores data in "blocks" which is then linked to previous records using the encryption technique of cryptography.

 

To further improve security, this digital ledger is stored on thousands of computers across the globe simultaneously. As multiple copies exist, itís impossible to change or alter data once it is entered into the block.

 



Sage guide to blockchain

 

 

Applications of Blockchain

 

The high-level of security provided by blockchain makes it perfect for supporting a whole range of digital platforms - not just cryptocurrency. Today, itís used to bypass third-parties to create smart contracts, to quickly and cheaply send money internationally and process payments, and even to improve online security by using cryptography rather than passwords to allow individualsí access.

 

Blockchain also has the potential to improve security for voting, private medical records, and significantly disrupt industries. Over the next few years, itís expected that blockchain will become mainstream as itís integrated into more of our digital technology and used by more businesses.

 

Learn more about Blockchain, Cryptocurrency, and Bitcoin with Sageís in-depth guide.

Based on a blog article by Stacey McIntosh for Sage looking into the use of cryptocurrencies for 'normal' businesses



Created On  24 Sep 2018 12:15  -  Permalink

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