My Australian Bank Has Started Using Blockchain for Transactions + What is Blockchain?
blockchain·@susanne·
0.000 HBDMy Australian Bank Has Started Using Blockchain for Transactions + What is Blockchain?
<html> <p><strong>The bank that I'm using just became the first bank to use blockchain technology for a global transaction. I think that's awesom and I'm so excited to see how we can utilize the blockchain technology in the future. Blockchain is going to be used in a lot of exciting innovation in the next years, we've only seen the beginning. </strong></p> <p>Read more about Commonwealth's transaction <a href="http://www.lifehacker.com.au/2016/10/commonwealth-bank-completes-world-first-blockchain-transaction-to-sell-cotton-to-china/">here</a>.</p> <p>I think companies can use blockchain for archives and record keeping, I also think the uniqe technology can be used for safe filesharing and cloud storage. Some comapnies are even looking at using blockchain as a way to handle stuff like ID and birth certificates in a secure manner.</p> <p>http://s4.postimg.org/fm4rosylp/money_256319_1920.jpg<br> (<a href="https://pixabay.com/en/money-card-business-credit-card-256319/">photo credit</a>)</p> <p><strong>What is blockchain? <br> <br> </strong>It took me some time to fully understand what blockchain was. All I knew in the beginning was that it was the techonology that was used for Bitcoin and other crypto currencies. I was fortunate enough to attend an event where <a href="https://www.jonramvi.no/">Jon Ramvi</a>, a Norwegian blockchain expert, spoke about blockchain. That made it so much clearer for me. I really like this explanation too:</p> <blockquote>A blockchain is a type of distributed ledger, comprised of unchangable, digitally recorded data in packages called<em>blocks</em>.</blockquote> <blockquote>These digitally recorded "blocks" of data is stored in a linear <em>chain</em>. Each block in the chain contains data (e.g. bitcoin transaction), is cryptographically hashed. The blocks of hashed data draw upon the previous-block (which came before it) in the chain, ensuring all data in the overall "blockchain" has not been tampered with and remains unchanged.</blockquote> <p>(<a href="http://www.blockchaintechnologies.com/blockchain-definition">Source</a>)</p> <p><br></p> <p>Susanne</p> </html>
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