Blockchain, Cryptocurrency and Mark Cuban

Bitcoin

Blockchain technology has been described as the future by some people. This technology is basically a decentralized encrypted database that is shared across multiple computers and cannot be copied. The information is public so anything that is changed (blocks) is modified in receiving order and recorded in public. Each block contains all information of past and future entries, and they are date stamped. The blockchain consists of a secure ledger and the network enabling changes. The blockchain is “controlled” by those who have access to the network. For cryptocurrencies everyone involved in the cryptocurrency market has access to the blockchain technology, and since the ledger cannot be manipulated (at least not without hacking) security is persevered. Of course there have been examples of bad behavior, but overall it is a new way to operate (particularly in financial transactions).

A couple of the predicted uses for the technology outside of finance are advertising and health care. Blockchain technology is able to handle large amounts of data, and private blockchain networks by companies like IBM are being built now. As far as cryptocurrency such as bitcoin, ethereum and others it looks like the currency is here to stay. Investor Mark Cuban is allowing tickets to the Dallas Mavericks NBA Games to be purchased with cryptocurrency next year. His ideas on the cryptocurrency market can be seen in the following article: http://time.com/money/5052218/mark-cuban-bitcoin-advice/ . It will be interesting to see how blockchain technology potentially changes the world. Before long you may hear “will that be cash, credit, or bitcoin” when making your next payment.