Alex McCreary

Blockchain Technology has Revolutionized the Digital Economy


Distributed computing has become more and more prevalent in the world. Communities of developers and companies alike recognize the advantages of distributed computing over centralized computing. Decentralization addresses several problems faced by centralized applications, such as limited computational power, scalability and even hacking.

The main technology behind distributed computing is the blockchain. The blockchain is a distributed ledger that only gets appended to, never deleted or changed. It keeps track of all transactions between parties on a network. The peer validation system of the blockchain makes it very difficult to falsify transactions, which deters malicious behavior. This validation system is referred to as mining. An individual’s computer can serve as a miner by utilizing its CPU or GPU to process and validate transactions. Miners are rewarded for this work by receiving some of the network’s currency that is being traded.The first implementation of the blockchain was Bitcoin, which started in 2008. By 2014, there were over 10 other cryptocurrencies using blockchain technology. This technology has caught the attention of large audiences including some companies looking to have their own implementation of the blockchain. For example, Visa is currently accepting applications for blockchain engineers, and the founder of Wikipedia, Jimmy Wales, is considering the use of blockchain technology on a journalism project for defeating fake news called Wikitribune.

Overall, blockchain technology isn’t going anywhere soon, it’s only becoming more popular. If you want to get started, the first thing you can do is download a ‘wallet’ application. To fund your wallet, you could either start mining with a computer’s hardware or buy cryptocurrency with USD using an online exchange, which acts similarly to buying and selling stocks on a stock market exchange. Then, you can use your new funds to purchase things online, provide disaster relief funds to foreign countries, or even order a pizza. Amazon is one of the major eCommerce platforms that accepts Bitcoin as payment. Now, the WordPress website platform has a plugin available to allow eCommerce sites to accept a newer cryptocurrency as payment, Ether.

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