With the rising popularity of new technologies such as digital currencies you may be hearing more and more about things like “blockchain.” depending on your IT background these terms can be a bit confusing to really understand. It may have you wondering, what is blockchain, anyways?
Blockchain is actually not a completely new technology exclusive to digital currencies but can be applied in a multitude of ways for businesses.
Simply put, blockchain is a way of digitally storing information or collecting data that is extremely difficult or nearly impossible to hack. In even simpler terms, blockchain is a database.
What is a database?
When it comes to storing and collecting information and data digitally there are a number of different ways to do so.
Early technology used spreadsheets and other manual entry forms of data collection. These spreadsheets can be helpful for an individual or small group of people and certainly can be customized.
Those who are masters in using software like Excel can truly create some sophisticated spreadsheets that are super helpful for business. But spreadsheets still have limitations that have been answered by the database.
A database is designed to store a significantly larger amount of data. This data can easily be accessed, filtered, and altered by multiple people at any given time, even all at once. A database offers many of the same functions of a spreadsheet but is more easily and widely accessible, maintained, and can be manipulated to meet the needs of a vast amount of people or departments within one organization.
These databases are usually housed on servers, and many companies require a full time position to monitor and control the use and maintenance of their servers and databases. Don’t have the capacity to hire for this position? Check out our managed IT services to see how we can support you in this.
Blockchain Vs. Traditional Database
Blockchain does qualify as a database. It is, however, an extremely sophisticated and secure version of a database. Blockchain stores data into groups, also known as blocks. As data and information fills these blocks they are closed once they reach capacity. Once one block of data closes another one begins and they are linked together to create a chain of information.
Once a block is completed and a new block is added to the end of the chain it is stored there forever in chronological order with very little chance of ever being hacked, tampered with or altered in any way. This makes the blockchain incredibly secure and is why it has been so popular today with its use for digital currency.
This type of record keeping is one of the most secure database strategies that has ever been created and is certainly paving the way for everyone to benefit from greater cybersecurity in the future.
Information Security and Your Business
Has all this information got you thinking about how secure your data and information for your business is. Depending on your business you may not need something as sophisticated as blockchain put into place. But at Expedient Technology Solutions we are experts in partnering with businesses to help them understand and meet their network security needs in Dayton, Ohio.
Whether you have more questions about blockchain technology or are looking for any IT solutions for your business, contact us today and we would be happy to get you on your way to a better and more secure IT experience.