The technology behind the ever-popular cryptocurrency Bitcoin (and every other cryptocurrency), is quickly becoming a household name. Here is a brief look into blockchain technology, how it works, and what kind of innovations businesses can use to make it work for them.
How Blockchain Works
When a block stores new data it is added to the blockchain. Blockchain, as its name suggests, consists of multiple blocks strung together. In order for a block to be added to the blockchain, however, four things must happen:
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Ways of Blockchain Technology
Innovations businesses can use to make blockchain work for them
The Blockchain-Enabled SSI Solution
The recent advent of distributed ledger technology (DLT) known as blockchain, however, has now made possible a means of immutably binding an entity to its digital representation at scale — securely and cost effectively via a shared ledger.
This ledger-based identity binding is called self-sovereign identity because no third-party certification authorities are required to certify, issue and bind entities to their immutable digital identity.