Some of us have already heard of blockchain & cryptocurrency but to the majority of entrepreneurs this is something new. It is hard enough to get our head around international banking or a foreign exchange hedge but now something called cryptocurrency and blockchain popped up as the new kid on the block. So, what is it?
In very simple terms, a blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. By design, blockchains are inherently resistant to modification of data as once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks.
Blockchains are secure by design and are an example of a distributed computing system with high byzantine fault tolerance. This makes blockchains potentially suitable for the recording of events, medical records and other records management activities such as identity management, transaction processing and many more.
What is cryptocurrency? Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Now that we have a better understanding of blockchain & cryptocurrency, lets find out how AngelList co-founder Naval Ravikant and Ethereum creator Vitalik Buterin see the future. According to Naval Ravikant & Vitalik Buterin, blockchains are the biggest technological breakthrough since the Internet. Vitalik Buterin defines it as a ‘decentralised’ system that contains some kind of shared memory. It’s a public ledger showing all the transactions of the cryptocurrency. In other words, the Internet is programmable information. The blockchain is programmable scarcity. Blockchains are the Internet protocols for allocating scarce resources. In the future, you will use a decentralised network for digital storage where people can rent out their spare capacity in exchange for a digital token payment. Over time, we may even see solar grids, electric grids, self-driving car grids, and other decentralised networks in the real world that will be controlled and administered by blockchain without human intervention.
Are you ready to find out how blockchains can secure your business transactions? Let Synergy Consulting Australia assist you with all your business growth requirements.
Synergy Consulting Australia provides a large range of business consulting services which includes Legal, Accounting, Marketing, Project Management, Migration services and many more tailored business solutions. This also includes a full market research and feasibility report before investing. www.synergyaustralia.com.au
Synergy Consulting Australia is led by Ilona Solinska. Ilona has over 15 years’ national and international business consulting experience. She has coached hundreds of businesses in the area of Marketing, Finance, Legal, Compliance, Operation, Change & Project Management and is a highly sought-after presenter on a wide variety of business topics.