Blockchain speakers News Posts
To learn more about blockchain, we have a range of articles exploring the fintech sub-topic.
If you would like an industry insight into blockchain, book one of our expert speakers today to feature at your event, where they can discuss the topic’s past, present and future development. Our blockchain speakers are at the forefront of the evolving FinTech industry.
What Is Blockchain?
The term “blockchain” has two functions; the “block” stores transactional information like the date and amount exchanged, whereas the “chain” is the public database containing this data. Each transaction is identified using a unique digital signature, similar to a username, and a code called a “hash”.
After the buyer clicks “buy now”, the transaction is verified to confirm the authenticity of the purchase. Once given the green light, the data can then be stored in a block, joining thousands of others like it. Before the block can be added to a blockchain, it must be assigned a unique ”hash”.
Is Blockchain Safe?
When large amounts of personal transaction information is being stored in an external database, it’s no surprise that people are dubious. But how safe is blockchain? When it was first developed, the whole intention of blockchain was to give people a safe method to transfer money if they don’t fully trust the person that they are sending it to.
With its innovative process, it is highly difficult for attackers to access and manipulate the data. One of the most vital parts of the system is validating a transaction before it goes through, so fraudulent activity can be recognised and tackled whilst the payer's money is still safe. Theoretically, the system’s unique cryptographic fingerprint for each block and “consensus protocol” makes blockchain tamper-proof.
How Can Businesses Use Blockchain?
For business owners who rely on supply and demand, blockchain can add another level of security to transactions between suppliers. Whereas before companies wouldn’t have known where providers got their products from, blockchain can follow the journey of transactions back to the original source, ensuring transparency if the product needed to be recalled. With faster payments, quicker background checks and transactions that are all secure, the benefits of blockchain for businesses are clear to see.
Find a blog...