Our Most Popular Managed Services

If you need help deciding what services are best for your business let us know.

Logo

 
 Popular Services
 (347) 830-7322

Logo

 

Tekie Geek Blogs

Tekie Geek has been serving the Staten Island, Brooklyn, Queens, Bronx, New York City, Long Island and New Jersey area since 2012, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

You Should Care About Blockchain Technology

You Should Care About Blockchain Technology

We often go into depth about technology, management, and other business-oriented topics, and occasionally we decide to talk about a technology that may not be all that familiar to people with the hope that a short primer on the subject will ultimately help our readers to become curious and do their own research to understand the technology better. With Bitcoin being a trending topic in the news, understanding what a blockchain is will help you understand how this technology will drive data security in the coming years.

First, What Is Bitcoin?
Bitcoin is a type of digital currency. Bitcoin doesn’t exist physically, such as coinage or paper money does, but instead exists in code form. The interesting thing about Bitcoin is how it’s generated. Users can utilize high-end computing hardware (even commercially available computer hardware) to “mine” for Bitcoin and simply invent the money. Granted, there is a limited supply of Bitcoin and generating even a small amount of Bitcoin requires a lot of computer resources and a lot of time. That said, Bitcoin has become a viable currency online for many online stores. At the time of writing this, a single Bitcoin is worth about $17,112 USD, compared to $27 back in 2009.

What is Blockchain?
A blockchain is exactly as the name suggests, a series of blocks that contain information, chained together to provide a reliable and secure accounting for whatever the blockchain is set up to measure. The technique of blockchaining originated in 1991 and was developed to timestamp documents to ensure they couldn’t be tampered with or altered. It has since been tabbed “The Internet of Value” since it functions as a form of database. The differences between traditional databases and a blockchain are numerous, however.

In a blockchain, the information that is shared is both confirmed and encrypted; and, distributed over a number of linked transactions; and, automatically replicated by each user that uses the blockchain, providing users of the chain a secure and tamper-proof ledger of secure activity. This activity can be exchanges in currency, cryptocurrency, medical records, shareholder records, etc.--any information that requires a itemized and uneditable database in which to relay information.

Uses of Blockchain
Blockchain technology has been described by industry professionals as the “new Internet”, but since a majority of people have never heard of it, we thought it would be good to provide some examples of technologies that would benefit from moving on from the centralized hosted technologies that we have today to distributed hosting like blockchain. Here are a few:

  • Security: The decentralization of data makes it exponentially safter to save files in multiple locations.
  • Data Management: The verification data is completely transformed and more robust with blockchain.
  • Logistics: Individual goods can be traced to their origin, giving companies and consumers enhanced transparency.
  • Investing: Smart contracts using blockchain provide strong security for crowd-based funding and other investment.
  • Internet of Things: Provides a construct to assign automation for remote systems, and the smart contracts required to give their consumers peace of mind as many IoT devices come with some privacy concerns.

Blockchain and Bitcoin
With Bitcoin being a hot-button issue in financial circles of late; and, with other cryptocurrencies popping up all the time, you can see how blockchain technology creates a construct in which a digital currency could thrive. Since there will never be more than 21 million Bitcoins in circulation, people that choose to “mine” the Internet for this cryptocurrency do so with the understanding that today it would take a hundred years or more to mine one single Bitcoin. This ceiling protects the currency from inflation. Bitcoin miners have responded, building Application Specific Integrated Circuit (ASIC) systems to specifically mine for Bitcoins, but so many people have started to mine for them (especially as their value has started to increase) that new strategies have to be implemented in order for any of these miners are to hit paydirt, so to speak. Today, many of the so-called Bitcoin miners actually mine pools of data for small pieces of BitCoin.

What a Bitcoin is worth today is what the market for Bitcoins says it’s worth--no more, no less; and, since it uses blockchain technology, you can bet that any Bitcoin that is available, is legitimate. Since users expect almost 95% of all the Bitcoins there will ever be to be released by 2024, speculators are now saying that by then a single bitcoin could be worth a staggering $250,000. In fact, the demand is seemingly so high that some financial institutions have started offering investors the chance to invest in Bitcoin futures, suggesting that they completely believe in the stability of the Bitcoin market; a testament to the viability and reliability of blockchain technology.

The blockchain is definitely going to be a household name soon, but for now, we hope this article can give you a small look at the technology that will help the Internet of Things be the biggest shift in technological advancement this world has ever seen. Do you have any Bitcoin, or do you know about cryptocurrency? Do you think digital money is the future of currency? Leave your thoughts with us in the comments section below.

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Sunday, 25 February 2018

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

managed IT services staten island Smartphone Mouse IT support Mobility Computing Infrastructure Server Cloud Comparison staten island managed services Software as a Service Flexibility IT consulting Staten island Thank You Outlook IT consulting Staten Island Help Desk Robot Firewall Efficiency Access Miscellaneous Wi-Fi Windows XP Encryption Vulnerability Workstations Meetings Computing Windows Tablets Operating System Domains Downloads Samsung data recovery Society managed services Staten Island VPN Communication Patch Management BDR Project Management Compliance Notifications data recovery Staten Island Google Calendar Distributed Denial of Service VoIP Office 365 Windows 10 DDoS Telephony Printing Politics Business Networking Workplace Tips Holiday Tip of the week Disaster Search Unified Threat Management Data Security News Hackers Tip of the Week Windows 10 Touchscreen IT consulting Managed Service Provider IT Services Memory Google Drive communications Websites Excel Public Cloud IT support NYC Virtualization email scam Uninterrupted Power Supply Web Server Technology Virus Best Practice Apple IT services Staten Island Downtime Scalability App Computer Malfunction Facebook Productivity Email BYOD Automation Language IT consulting firm Fake News eWaste Big Data Webcam Download IT consulting company Managed IT Services Time Management Scam Staffing Worker Word Employer-Employee Relationship CCTV Cost Management Taxes Bluetooth Backup managed IT services NYC Managed IT Services Cache Hardware Small Business Employer Employee Relationship computer support Telephone Systems managed services Software License Cloud computing Staten Island Start Menu Apps Best Practices tech support Staten Island Automobile Experience Virtual Assistant Hard Drive Disposal Virtual Reality Drones Staten Island tech support Hiring/Firing Cortana Laptops Banking IT services NYC computer services Microsoft Excel Reliable Computing Business Cards today ’s organizations Congratulations Health Cabling Spyware Cryptocurrency Productivity Hack Maintenance Artificial Intelligence Streaming Media VoIP computer repair Office Security Desktop Access Control Information Technology Sports computer support Staten Island Disaster Recovery Vendor Management computer support firms Microsoft Legal Google Social Hosted Solutions Staten Island IT support Music Wireless Television Managed IT Audit Data Backup Advertising Data Breach CrashOverride Data Protection IT consulting NYC Staten Island IT consulting Knowledge Bandwidth Alert Business Continuity Outsourced IT Cybercrime Browser Business Technology Remote Monitoring IT services New York City Settings Freedom of Information Cybersecurity Upgrade Workers Administration Computer Care Remote Computing Network Congestion Mobile Technology Innovation Smartphones Vendor Mangement Ransomware Rental Service Safety Botnet Identity Theft Education Budget PDF Customer Service Text Messaging Recovery YouTube Tech Support Lithium-ion battery How To Digital Payment Business Mangement Antivirus Hardware Solutions Collaboration Gmail Training SaaS Office Tips Computer Bring Your Own Device it support Work/Life Balance Network Writing CryptoLocker Vulnerabilities LiFi Augmented Reality Bitcoin Malware Wireless Technology Redundancy Lenovo Chromebook Social Media Money datto Blockchain Law Enforcement Saving Money Deep Learning Business Metrics Data Management Monitors IT support firms Mobile Security Hacker malware worms Hosted Solution Processors Google Wallet Data Microchip Retail Spam Powerful Technology Solutions History IBM Applications Accidental deletion tech support Government Printer Google Maps Unified Communications IT Consultant SharePoint Passwords Displays Mobile Device Business Computing Unified Threat Management Virtual Desktop Flash Specifications Mobile Devices IT support Staten Islans Visible Light Communication Gadgets Proactive IT Hacking Corporate Profile Cleaning IT Support malware Hard disk end-user files Paperless Office In Internet of Things Mobile Device Management Windows 8 Android Content Filtering Website Black Market G Suite Relocation Quick Tips Network Security Tracking IT support New York City Privacy IT Management Internet of Things Securty Twitter Company Culture Analytics Private Cloud ransomware attacks Tech Terms 3D Printing Update Machine Learning computer support NYC Hacks WiFi Emergency The Internet of Things Hard Drive Data storage computer repair Staten Island Document Management Two-factor Authentication Laptop Physical Security Business Growth Supercomputer data loss IT support Staten Island computer services Staten Island tech support Staten Isalnd Password Administrator managed it services File Sharing Staten Island computer support Travel Save Money Internet Social Engineering Digital Phishing Running Cable Piracy Software Tablet Microsoft Office Google Docs Solid State Drive Motion Sickness Documents Business Management End of Support IT consulting firms Cloud Computing User Tips

Newsletter Sign Up