Blockchain Technology
II
By: William A Rogers
Last week I
introduced the term Blockchain Technology (BT) to many readers for the first
time which is not surprising only 1% of the world population have started to
use cryptocurrencies like Bitcoin. Most people have heard of Bitcoin but there
are many different types of Crypto coins (known in some circles as Altcoins)
currently in circulation some may become more valuable then Bitcoin most will
not but what they all have in common is they operated on blockchain technology.
Blockchain
technology is a database which holds a record of transactions that have been
verified by participants on the blockchain called miners. I have $30.00 worth
of a crypo coin and I wanted to buy an item worth $30.00 and the seller accepts
my crypocurrency , the offer is made the seller will have an online wallet to receive
my $30.00 dollars in crypo coin and I will send the coins from my online
wallet. Miners will use super computers called mining rigs that use mathematic
and cryptographic technology to solve the cryptographic problems in my coins to
verify and complete transaction which then becomes a block.
This might seem
to be complex but it is very important knowledge to have at this time. Just as
many people did not understand how to use the internet just a few years ago
thanks to Amazon, Facebook and Google IT is no longer a convenience it has
become a necessary. Blockchain technology will soon have the same effect on the
world. Crypocurrency is just the
beginning there will come a time where most safe, transparent transactions in
all commercial and private areas will use BT.
I know this
is a lot but my point here is while investing in crypocurrency can be risky
investing in blockchain technology might be a better choice. Mining rigs can be
a good investment but not in the US or Canada but if you know people in Europe,
Asia or the Caribbean there can be a number of great investment options I can
give you a few tips if you are interested.
Companies
like Advanced Micro Devices INC. (AMD) and Nvidia (NVDA) should be looked at as
investment options they make the GPU chips that run the mining rigs used on the
blockchain. Many refer to these companies as pick and shovel firms. Just like
in the days of the California gold rush the companies that made and sold jeans,
picks and shovels made fortunes for their investors.
Some may
wonder why I am writing articles about cryptocurrencies and blockchain
technology. Years ago when I first started to write in this paper most of my
articles focused on the importance of using information technology (IT). All
things happen for a reason. I hope that my early articles on IT helped to improve
the quality of life for someone who took the time to follow up and use it.
If
blockchain technology is a new concept take some time to look into it and crypocurrency
the first practical use of BT that the public in general is aware of. Millions will be made by those who develop and
create other ways to use and invest in this new technology. Perhaps someone reading this article if so
perhaps that’s why I was guided to write it; if that person is you, don’t
forget who told you about it. Send me an email at urbanologysystems.com
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