MARKET RESEARCH BLOG: WEEK OF 2/25/18

Blockchain

Blockchain has begun to pop up more and more in today’s media with a lot of questions surrounding it. Blockchain used to be practically exclusive to tech circles and not the general public. To keep its short blockchain is a way to make transactions and transfers online without the use of an intermediary. In today’s world, many transactions and their history is kept by a trusting third party but blockchain lets you seal “pages” of transactions with a key code for security. Though some “shady businesses” might use blockchain to avoid leaving a paper trail, it’s more often deployed to gain improved assurance and privacy. It also allows users to exchange money without the support of a physical currency like the dollar. This is the reason that made Bitcoin famous and controversial. Bitcoin is the most well-known blockchain-based cryptocurrency right now, but there is a variety of other services on the market. Blockchain offers a free wallet for online transactions. Blockchain also created the world’s most popular bitcoin app and now serves the ether ecosystem. Much of the concern around Blockchain has to do with the security, but by design the chains are inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.