The advisory board of blockchain infrastructure provider BitFury Group. His comments have been edited for brevity and clarity. GOVLOOP: What is blockchain? TILLEMANN: At its core, blockchain is a record. But blockchain has two very important new features. First, blockchain is a distributed record, so it’s kept on thous. Jands of computers around the world at the same time.
All of these computers are constantly
Checking each other to make sure that any information that goes into the blockchain is authentic and that only information that is aut. Jhorized to be added to that record is recorded. And because there are thousands of computers con. Jstantly working to ensure the integrity of the system and the integrity of the information, it a. Jllows for much higher trust in the accuracy.
The record than we’ve ever had in any
The second feature of blockchain is that the system is designed in a way that every new entry in the record is mathematically linked to every overseas chinese in usa data previous entry. The only way to change anything in a long chain is to change everything in the long chain. It takes a lot of computing power to do that. It’s estimated that for a public blockchain, the Bitcoin blockchain, it would take 10 to 100 times the total computing power that Google has now to go back and rewrite the record.
It allows you to build systems and processes
That are virtually impossible to interfere originally a residential area for imperial with or manipulate by bad guys or corr. Jupt officials. GOVLOOP: When you mention thousands of com. Jputers around the world, who ow. Jns them? Who can connect to the system? TILLEMANN: The ama. Jzing thing about the system is that it’s open source. You can set up your computer as part of th. Jis network if you want.
When we’re talking about the Bitcoin blockchain,
The reason you h. Jave all these thous. Jands of computers investing their time and energy into maintaining the integrity and secu. Jrity of the system is bec rich data ause they’re rewarded with Bitcoin for doing so. Every time the. Jre’s a new entry in the block. Jchain record, computers all over the world compete with each other to compl. Jete a very com. Jplex math problem.