Blockchain is the underpinning mechanism for the now famous crypto currency called Bitcoin. Bitcoins is a very safe haven for currency and unlikely ever to be counterfeited due to it’s inherent security methodology.
Who has ever had this scenario happen to them when the neighbour or family member borrowed one of your tools and then after some time you asked for it’s return? The incident either never took place or the item was returned…well with a simple Blockhain agreement both parties would have a record that is guaranteed to be in sync..so a family feud was prevented so let’s solve harder problems!
What is blockchain described in short anyway….a contract, an agreement, currency….well anything that has always required centralized third parties to preside over any agreements that humans have ever needed to make. Nothing wrong with that except third parties introduce extra risk such as delays, perspectives and costs to name just a few.
Long gone are the bad old days and hello Blockchain…when an agreement is struck then every person in this world can potentially have a copy of the contract that is encrypted off course…so there is a strong incentive never to disclaim or counterfeit an agreement.
CATIM uses Blockchain to validate telemetry data transactions for example if in a shared solar generation village house A borrowed a bit of power from house B…then it stands to reason to return the power credit at some time…and this is all administered autonomously by the different nodes. This is only one of the countless ideas that Blockchain is becoming the risk free ledger for the people.
Additional Post information
- Blockchain Technology Explained: A Decentralized Ecosystem…see a great explanation article from 101blockchains.com
