Get Started Today!  (813) 749-0895    SEARCH SITE

IT Professional Services and Business Continuity

Blog for IT Support and Managed Services in Tampa and Florida

Providing Business IT Support such as technical IT Helpdesk Support, Outsourced Computer Support, Technology Consulting, and Managed IT Services to small and medium-sized businesses in Tampa and Florida.

Here’s Our Rundown on Blockchain Technology

Here’s Our Rundown on Blockchain Technology

As we discuss business technology, we occasionally broach topics that not everyone may be familiar with. Despite the recent media coverage that has been afforded to it, Bitcoin and blockchain technology may be a good example of one such topic. To resolve this, we’ve put together the following primer on this technology and how it will impact data security in the future.

To Begin, An Introduction To Bitcoin
Bitcoin is a digital currency that exists exclusively in code form, without any physical coinage or paper monies representing it. All it takes to get Bitcoin is some higher-end computer hardware (even commercially-available hardware will work) that a user can then use to “mine” the cryptocurrency, effectively inventing the money. However, Bitcoin is in finite supply, and requires intensive computing resources to work for a considerable amount of time to generate even the smallest amount. Many online stores have begun to accept Bitcoin as tender.

At the time of this writing, Bitcoin has risen in value to be worth thousands of dollars apiece, up from as low as $.08 in 2009.

An Introduction to Blockchain
True to its name, a blockchain is a chain of ‘blocks’ containing information, connected in sequence to allow secure and reliable accounting for the information it contains. Blockchain was first used in 1991 to enhance the security of timestamped documents, as it prevented them from being altered. More recently, blockchain has been dubbed “The Internet of Value” considering how it functions in a similar way to a database. However, a traditional database and a blockchain are different in quite a few ways.

The blockchain gives a user a digital ledger of the activity of the data it contains. The encrypted data is confirmed, distributed through a number of linked transactions and replicated for each user that accesses it. The itemized and uneditable nature of the blockchain makes it an excellent candidate for relaying certain varieties of information, including currency and cryptocurrency, shareholder information, and medical records.

How Blockchain Is Put to Use
Despite most users having not yet heard of it, many industry professionals have deemed blockchain as the “new Internet.” Indeed, many of the technologies that currently leverage centralized hosting could see some significant benefits by shifting to a blockchain-based distributed hosting strategy. For example:

  • Security: As history has proved for many companies, it is safer to keep multiple copies of data in disparate locations. Data’s decentralization through blockchain makes that easier.
  • Data Management: Blockchain makes the verification data more robust through its complete transformation.
  • Logistics: Companies and consumers alike can enjoy more transparency, as individual goods are traceable back to their point of origin.
  • Investing: Investments, including crowd-based funding, are given improved security and reliability through the use of blockchain.
  • Internet of Things: Blockchain can be used to accomplish a few purposes that concern the IoT, including to serve as a platform for remote systems automation, and reducing the privacy issues associated with IoT endpoints.

How Blockchain Relates to Bitcoin
You might have seen Bitcoin appearing in the news more and more often during recent weeks. This trend, as well as the creation of more new cryptocurrencies, has been boosted by the spreading use of blockchain technology. Bitcoin has a cap of 21 million, which protects it from inflation.

However, today’s miners use Application Specific Integrated Circuit (ASIC) systems to do their dirty work, but as in the gold rush, a multitude of new miners have appeared as the value of Bitcoin has ballooned. This has forced Bitcoin miners to come up with new strategies so that they have a chance of hitting pay dirt, technologically speaking. Now, instead of seeking out full Bitcoins, miners seek out small pieces of the cryptocurrency in pools of data.

Bitcoin is a currency that has a value completely dependent on the market for it. Since it leverages blockchain technology, if there’s Bitcoin up for grabs, it is for real.

Speculation puts the value of Bitcoin at $250,000 each by 2024, when about 95% of all Bitcoin will have been released. The demand for Bitcoin has spilled over to investments, as financial institutions have begun to push investors toward Bitcoin futures. This only goes to show how much confidence there is in Bitcoin and, by extension, blockchain technology.

It won’t be long before the blockchain is common knowledge, but until that time, we are happy to have shed some light on the tech that will spur the Internet of Things and the future of currency onward and upward.

So, do you have any cryptocurrency to your name, Bitcoin or otherwise? Do you see digital currency shaping the future of our finances? Share your thoughts in the comments section!

 

Comments

No comments made yet. Be the first to submit a comment

Search

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Tip of the Week IT Services IT Support Managed IT Services Best Practices IT Infrastructure Management Cloud Technology IT Companies in Tampa Business Continuity Business Computing Malware Email Hackers Business Mobility IT Support Services Privacy Business IT Solutions I.T. Management Productivity IT Professional Services Microsoft Custom Business Solutions Hosted Solutions Internet Managed Service Provider Business IT Management IT Business Solutions Business Applications Outsourced IT Software Mobile Devices Ransomware Network Security Computer Technology Consultants Windows 10 Android Managed IT Managed IT Service in Florida Business IT Support Managed IT Service I.T. Support Managed Services in Florida Windows Data IT Support Services in Tampa Dynamic Solutions Data Backup IT Risk Management User Tips I.T. Services Backup Disaster Recovery Data Management Cloud Computing Remote Monitoring Communication Google IT Outsourcing in Tampa IT Services in Florida Smartphone Internet of Things Browser Data Recovery Small Business Hardware IT Support in Tampa Managed Services IT Service Microsoft Office Innovation Encryption Holiday IT Managed Services Workplace Tips Managed Services in Tampa Bay Server Upgrade Gmail Smartphones BYOD IT Services in Tampa App Cybersecurity Network Tech Companies in Tampa Vendor Management Social Media Artificial Intelligence Business Management Mobile Device Management Phishing Mobile Device Office 365 Tampa IT Support Firewall Antivirus Operating System Save Money Managed Service in Tampa Small Business IT Solutions IT Outsourcing in Florida Passwords Content Filtering IT Vendor Management Data Computer Services Collaboration Infrastructure Risk Management Efficiency Tip of the week Computer Networking Unified Threat Management IT Service Management Apple IT Company Business Plan Word IT Outsourcing Business IT Support Services Settings SaaS Retail Wireless Technology Applications Website Data loss Hosted Solution Saving Money Data storage Remote Computing Miscellaneous Telephone Systems IT Company Robot Data Security Productivity Windows 10 Big Data Facebook Automation Government Money Bring Your Own Device Chrome Computer Hardware Repair WiFi Customer Relationship Management IT Support Two-factor Authentication Tech Term Project Management IT solutions IT Management Services Mobile Computing Analytics Apps Microsoft Virtual Server Hosting in Tampa and Florida Maintenance Bandwidth Recovery Business Technology Augmented Reality Solid State Drive Laptop Presentation Outlook Net Neutrality VoIP VPN Licensing Business Application Google Drive Document Management Training Administration Computer Support I.T. Company HIPAA Alert YouTube Computer Networking Services Virtual Desktop Virtualization Office Scam Search Computing Vulnerability IT Consulting communications Mobile Security Storage IT Companies in Florida IT Support Helpdesk Spam Mobility Virtual Private Network Unified Communications IT Management Service Information Technology Managed IT Outsourcing Business Continuity Services Wireless LiFi End of Support Uninterrupted Power Supply BDR IBM Employer-Employee Relationship Flexibility Computer Network Services Customer Service Mouse Digital Payment Redundancy Compliance Office Tips Server Management Paperless Office Monitors Network Congestion Tablet Help Desk Regulations The Internet of Things Managed IT Services User Error Budget Virtual Reality Technology Consulting Firms Tampa IT Services Tech Company in Tampa Gadgets Staff Technology Laws Current Events Help Desk Support in Tampa Black Friday Legal Bluetooth Information Technology Consulting Careers Politics Motherboard Consultation Consulting Services Blockchain Professional Service Windows 8 Outsourced Computer Support Operations Corporate Profile Unified Threat Management Going Green Help Desk Support Quick Tips Cyber Monday IT Consulting Services Jobs Education IT Service in Tampa Router Service IT Permissions IT Managed Service Provider Lenovo Automobile Fun Alt Codes Wearable Technology Health WannaCry Printer Printing Time Management Shortcut Downtime Hacker Modem Password Hacking IT Solutions for Small Business Fraud Intranet Software Tips Superfish Typing IT Vendor Management in Tampa Halloween Samsung Access Control Network Management Software as a Service USB Google Docs Identity Theft Patch Management Data Technology File Sharing Cookies Microsoft Affiliate Program Internet Exlporer Healthcare IT Managed Services in Floirda Sync Network Support in Florida Scary Stories Digital Signature Domains IT Technicians VoIP SharePoint Touchscreen Technology Tips Users Files Writing Nanotechnology Best Practice Hard Drives Microsoft Business Solutions Cabling Networking IT Company in Tampa Mobile Device Managment Sports Public Speaking Mirgation Digital Downloads Google Wallet Smart Technology Business Continuity Service Providers Marketing Websites Safety Social Engineering Heating/Cooling Hotspot Dark Data Managed Service in Florida Cortana Computer Repair Health Care IT Services Migration Programming Spyware Multi-Factor Security Drones Distributed Denial of Service Mail Merge Server Hosting in Tampa Language Techology Top IT Outsourcing Company Knowledge Buisness Business IT Solutions Computers Chatbots Tech Support Google Calendar Break Fix IT Consulting Service Address Wi-Fi Application Computing Infrastructure Hard Disk Drive Disaster Resistance IT Support Companies in Tampa Experience Servers Trending Full Service IT Display Identity How To Legislation Dark Web Co-managed IT Server Hosting Deep Learning Managed it Services in Tampa History Undo Alerts Proactive IT Social IT Support and Solutions Travel Save Time Computer Care CIO Business Growth Firefox Comparison Data Warehousing Humor Cryptocurrency User IT Tech Support Managed Service Providers Disaster Competition Server Hosting in Florida Cooperation Data Breach Hacks IT Managed Service in Tampa Backups Statistics Social Networking Assessment Specifications Avoiding Downtime Microsoft Excel Google Maps Bitcoin Identities Meetings GPS Virus Public Cloud Upgrades Cybercrime Twitter Webcam Tracking Telephony Update 3D Printing Point of Sale Running Cable Processors Business Appplications Electronic Medical Records Chromebook Administrator Web Server IP Address Lithium-ion Battery Unsupported Software Cameras Physical Security Notifications Mobile Office Mobile Data Thank You Hiring/Firing CCTV IT Consultant Refrigeration Congratulations Taxes Crowdsourcing Supercomputer Botnet Cost Management Emoji G Suite Black Market Saving Time CrashOverride IT Budget Managed Servers Machine Learning I.T. Managament Cleaning Work/Life Balance Relocation 5G Law Enforcement Private Cloud Motion Sickness Staffing Personal Information Gadget Emergency Error How To

Latest Blog Entry

One of the primary goals of technology development has long been to make technology as small as possible, while simultaneously improving its performance. The result of these efforts is the field of nanotechnology, which is now applied in a variety of uses.

Latest News

SEG Awarded Small Business of the Year Award!

Symmetric Engineering Group was awarded the Upper Tampa Bay Chamber Small Business of the Year Award for their understanding technical service and support throughout the Tampa Bay area

Read more ...

Account Login