What is the Blockchain?
Blockchain technology first came to prominence as the backbone of Bitcoin, but over the past few years it has grown into itself as an important and disruptive technology of its own. Bitcoin is a digital currency based on the blockchain–but blockchain technologies can be so much more.
Numerous startups and established institutions are using the technology to find solutions to a diverse range of problems. There are blockchain projects that offer decentralized crowdfunding, new ways to prove your identity and even innovative approaches to ride sharing. Blockchain technology is being experimented with and used in a variety of sectors, such as government, healthcare and especially finance.
What's So Revolutionary About Blockchain Technology?
Blockchains are decentralized and distributed ledgers that are shared across a network. Each block contains a collection of records that is built on top of the previous block. This chain of blocks–hence the term blockchain–provides a set of transparent records that anyone can see or verify. One of the biggest strengths is that it cannot be altered.
Blockchain technology is the foundation that PriorThings is built on top of. We use the transparent, immutable and verifiable nature of blockchain technology to create permanent registrations of intellectual property , as well as other creative works. PriorThings uses the Ethereum public blockchain to keep records that prove IP ownership–it can give you the proof you need in case patent trolls ever come knocking on your door. The nuts and bolts of how it works are covered on our What Is Prior Things? page.
Blockchain is a powerful technology that is only just beginning to bloom. Exciting times lay ahead for PriorThings and a host of other blockchain applications. It won't be long until blockchain technology is all around you, whether you know it or not.