Monday, February 19, 2018
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