sure, you’ve heard of it… but does that help us?
In an increasingly digital world, security becomes the number one concern. Many companies have fallen victim to hackers leaking sensitive information about their customers and transactions. Every day, more stories arise of data breaches from companies and organizations that were once thought to be impenetrable. It has become more and more evident that a giant database full of every transaction a company participates in is not the solution. So what is?
Blockchain is the solution.
Blockchain is a decentralized system of storing data across a network. Any time a transaction is made using blockchain, a ledger of that transaction is made. That ledger is then stored in pieces in countless computers across a network. This translates into ultimate security for all members of the transaction. It is practically impossible to hack an entire network of computers at one time and more difficult still to assemble that data into something useful.
This data, after storage, becomes immutable, unchangeable: a perfect defense against fraud.
Blockchain is also very useful for negotiating private contracts. Because Blockchain can operate on a database, multiple parties can edit the transaction information prior to agreement simultaneously. The transaction data is still stored in multiple places and on every system, even when it is being edited, as opposed to a service such as Google Docs, which stores the document in one place on a server.
Every transaction is recorded and saved at an incredible rate. Bitcoin hash rates have risen rapidly amidst the craze surrounding it. Some estimates placing the rate of transactions at 24,000 per second. This is ideal for a fast-paced online world, where nothing can stand in the way of business.
Blockchain tech offers many benefits, from speed to security. The built in inter-connectivity proven itself to be the reliable choice when it comes to transaction data storage.
Adder is working in this space, and many parallel spaces, to bring analytics to the real world. We’ll share more, soon!