Blockchain technology explained

Written by Carl Ottewill

One of the biggest topics at the moment is cryptocurrencies. You may or not be aware of the changes in recent years in the way people are spending their money and the migration from hard cash to digital transactions. Lots of people all over the world are investing in cryptocurrencies as they become more mainstream.

What is blockchain?

Blockchain seems complicated, but it’s fairly self-explanatory once you understand the methodology behind it. A blockchain is a type of database. Blockchain collects information together in groups, also known as blocks. Blocks have certain storage capacities and when filled they are chained onto the previously filled block which forms a chain of data known as a “blockchain.”

 

How does it work? 

Blockchain is based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers which allows the network to see everyone else's entries in near real-time.

 

What cryptocurrencies are there? 

Currently, there are well over 5000 different cryptocurrencies in the world that are being traded. Realistically there are only 10 companies that have remained solid since the birth of blockchain and investing in the top 10 has seen huge increases in recent years.

 

What people do you need to create blockchain?

Blockchain needs Blockchain Project Managers, serious Developers and Engineers to assist in creating these digital assets.

 

Pertemps Managed Solutions have experts like this to support your business if you are looking to grow your blockchain team. Contact me at Carl.Ottewill@pertemps.co.uk for a confidential chat about how we can support and add value to your business.

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