Blockchain, simply explained


Blockchain, simply explained

Upon its creation in 2009, Bitcoin brought us a revolutionary digital paradigm that has gradually been taking shape at the edges of the internet—the blockchain technology. To some, the concept can become a little too overwhelming; all the slang and jargons alone are enough to intimidate us. But fret not— once it’s all broken down, it’s much simpler than it sounds!

Blockchain stores information across the network of personal computers, making them not just decentralized but distributed. This means no central company or person owns the system, yet everyone can use it and help run it. This is important because it means that it’s difficult for any individual to take down the network or corrupt it. It uses a form of math called cryptography to ensure that records can’t be counterfeited or changed by anyone else. Simply put, it is a machine for creating trust.

“Simply put, it is a machine for creating trust.”

Now some of you may ask: Why is it called the blockchain in the first place? Well, in essence, it’s called a “blockchain” because that’s what it is: a chain of blocks (of information). Blocks refer to the collection of data that indicates all the information about a certain transaction (e.g., details such as date and time and the participants). Each block also has data called “hashes” that distinguish one block from another to ensure that the new block doesn’t get mixed up with the others. Now, the “chain” in blockchain refers to the linking of all blocks once transactions took place. In other words, the people who run the system use their computer to hold bundles of records submitted by others, known as “blocks”, in a chronological chain. As soon a new block is added to the blockchain, it becomes a public information which means everyone on the network can see all the details of the transactions.

A lot of us may know it as the technology behind Bitcoin, but Blockchain’s potential uses extend far beyond digital currencies. Blockchains that manage and verify online data could enable us to launch companies that are entirely run by algorithms, help us protect our online identities, and even track the billions of devices on the Internet of Things. These innovations will change our lives forever and it’s all just beginning.

Being one of the first institutions in the Philippines to safekeep and issue certificates and credentials on Blockchain, FilPass harness this technology to provide a sophisticated system where records could be stored, facts can be verified by anyone, and security is guaranteed. We use blockchain technology as a paradigm to close the expanding trust gap in various business industries, educational institutions, government agencies and other organizations.

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