What is Blockchain?

Follow weekly to learn key Blockchain words, what’s happening in the Blockchain world and more!

Word of March 15

Bitcoin mining is the task of using complex, computational puzzle to create a new bitcoin in a peer-to-peer process. It is necessary in order to maintain a ledger of transactions from which the bitcoin is based out of. Miners have to solve an undisclosed number called the target hash. These miners are constantly trying to solve the target hash, randomly generating as many nonces as possibly. This is essentially the same as rolling a 16 sided dice 64 times to arrive at random numbers to guess the target hash. First miner to guess the correct nonce is awarded that block and 6.25 BTC, currently one Bitcoin is sitting at $55,662 as of today.

Word of March 1, 2021

Through the use of blockchain, individuals can maintain safe, unaltered contracts between each other. This data is safely stored in smart contracts. These mains the accountability of a transaction or agreement between two parties. Smart contracts can be used in government voting systems, recording health care information, financial systems and supply chain. For more information, click on the graphic for our Block Talk on smart contracts.

Word of February 15, 2021

A hash is a main component of a block in blockchain. Numbers and letters are assigned to a block, similar to a finger print, identifying it as its own set of data. Each block in a chain has a different hash to distinguish it.

Word of February 9, 2021

Blockchain expands beyond just currency; in this example, security tokens offer value comparable to stock. Tokens offer the consumer a chance to buy a “token” or piece of an asset. This can include real estate, art, etc. Normal assets are compiled in a centralized data base, but with blockchain, tokens use a decentralized database. Tokens offer an everyday consumer the chance to own a piece an expensive asset they may not normally own.

Word of February 1, 2021

Blockchain is the word of the tech industry but often we don’t understand the power it holds behind it. By tracing individual blocks that are linked together, we can follow a secure transaction through a linear chain. Founded a little over 10 years ago by Satoshi Nakamoto, the founder of Bitcoin, the potential uses grew exponentially aside from just cryptocurrency. Currently Sam's Club is implementing blockchain on fresh produce traceability to ensure quality products from the field, to the shelf.