Branching off of our topic of bitcoin from earlier, our IT expert, Jeff Groby joined the Guy Phillips Show to talk about blockchain. Jeff has been joining the crew over at The Big 550 KTRS to talk about everything technology for Tech Talk since the spring and each week, Jeff brings his "A" game. Jeff said that he stays on top of the latest trends by reading an astonishing 15,000 pages of technology information each year!
What is Blockchain?
Blockchain is a digital ledger in which transactions that are made in bitcoin or other cryptocurrency are recorded. A blockchain is a growing list of records, called blocks. The blocks are linked together using cryptography. Each block contains a cryptographic hash of the block that came before it. The block also contains a timestamp and data about the transaction that took place.
Matt Dorman of the Guy Phillips Show brought up a good point during the segment about how the dark web, bitcoin, and blockchain are all connected. Since transactions on the dark web are made using cryptocurrency, Matt was curious about how if blockchain is used, why it is that the illegal activity can't be tracked by the authorities. Jeff shared that while there is information available on blockchain about the cryptocurrency that was used through a purchase on the dark web, there isn't any identifiable information listed about who holds the cryptocurrency.
Other Uses of Blockchain
Blockchain is used in a lot of industries all across the globe, and not just for nefarious things like the dark web. This technology is used in the retail industry to track inventory accounts and even in healthcare to maintain patient records. As technology continues to evolve, more and more businesses may find themselves needing to adapt to blockchain to keep a competitive edge.
While blockchain may not be right for every business, there are industries that could benefit from the technology's capabilities. Blockchain is secure, it can reduce fraud, simplify workflows, and share data. Those reasons being why industries like retail, finance, and healthcare have already begun adopting the technology.
Tech Talk Presented by SumnerOne
The blockchain is a lot of information to try and digest for the average person, as Guy Phillips mentioned. Jeff did a wonderful job explaining a bit about blockchain and the different uses and how it related to everyday processes and technology. To learn more, catch the full video from Tech Talk below. Join us this Friday afternoon on The Big 550 KTRS at 4:20 for our next segment.
Originally published September 21, 2018, updated February 12, 2019