Get Started Today!  217-475-0226

Decatur Computers Inc. Blog

Decatur Computers Inc. has been serving the Decatur area since 2001, 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.

Tip of the Week: Using Excel to Excel-lerate
Facebook, Gmail, and Slack are Becoming More Colla...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Saturday, 17 March 2018
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Mobile? Grab this Article!

Qr Code

Tag Cloud

Tip of the Week Security Privacy Best Practices Business Computing Hackers Network Security Malware Cybersecurity IT Support User Tips Ransomware Google Software Backup Technology Email Small Business Managed IT Services Business Management Android Windows 10 Internet Phishing Communications Efficiency Data Cloud IT Management Productivity Smartphone Data Security Artificial Intelligence Antivirus Cost Management Mobile Device Management Hard Drive Update Hardware Innovation Business Cybercrime Gadgets Outsourced IT Data Recovery Money Search VPN Holiday Encryption Touchscreen Save Money Server Facebook Maintenance Microsoft Start Menu Remote Monitoring Law Enforcement Passwords Hacking Browser Microsoft Office Data Backup Business Technology Office 365 Word Digital Data Management Collaboration Saving Money Disaster Recovery Patch Management Scam App Websites Laptop Data Protection BDR Alert Internet of Things Network Bitcoin Computer Social Engineering IT Services Apps Business Continuity Blockchain Project Management Access Control Gmail Vulnerabilities SaaS Windows Virtual Reality VoIP Distributed Denial of Service Settings VoIp Tech Term Social Media Vulnerability Networking Audit Company Culture Freedom of Information Administration Mobility HTML Operating System Cortana DDoS Business Cards Upgrades Identity Theft Time Management News Corporate Profile Virtual Assistant Managed IT Password Running Cable Computer Care Desktop Fake News Mobile Device Solid State Drive Google Calendar WiFi Telephone Systems Downtime Spam Cabling IT Support Data Breach Unified Threat Management Hard Drive Disposal Document Management Wireless Outlook Consultant Disaster Piracy Vendor Mangement Specifications Managed IT Services Applications Microsoft Excel email scam Access Uninterrupted Power Supply Google Docs Software License Business Mangement Television Worker Unified Communications Mobile Security Cryptocurrency Mobile Devices Spyware Budget Redundancy Knowledge Mouse Cloud Computing Printing Samsung Two-factor Authentication Software as a Service Tablet eWaste Analytics History Smartphones Unified Threat Management Tech Terms Automation Information Technology Government Multi-factor Authentication How to Robot IBM Comparison Hosted Solutions Automobile Mobile Technology Google Drive Legal Device security Virus Excel Big Data Best Practice Managed Service Provider Employer-Employee Relationship Google Maps Augmented Reality Telephony SharePoint Downloads Website Tip of the week YouTube Emergency Computing Infrastructure Unsupported Software CrashOverride Data loss Windows 10 Marketing Devices Compliance Regulations Office Users Office Tips

Latest Blog

If you’ve ever felt as though someone was watching what you were doing while you were working remotely, either at home or in public, there’s a chance that you were right. Without a private Internet connection, it is a simple matter for others to watch your processes and stea...

Latest News

Decatur Computers Inc. is proud to announce the launch of our new website at The goal of the new website is to make it easier for our existing clients to submit and manage support requests, and provide more information about our services for prospective clients.