Blockruption is about the blockchain and related digital technologies, their applications and their impact on business and society.
Blockruption organizes a community of people and companies who want to design and use blockchain technology to create a positive future for all.
Bitcoin and the blockchain
In 2008, a man who calls himself Satoshi Nakamoto introduced the electronic currency Bitcoin and the related global digital payment system.
The basis for Bitcoin is a revolutionary new way to process and store transactions. All transactions are packed into “blocks”, which are then “chained” together in an immutable order. This method creates a “chain of blocks” – the “blockchain”.
The blockchain is the real innovation behind Bitcoin. The global “ledger” of Bitcoin is stored in the blockchain. It is distributedly stored on the computers of all participants, and any changes are strictly governed by the Bitcoin algorithm. Individual computers or participants in the network cannot withhold payments or change the “rules”. The blockchain is the mechanism that allows Bitcoin to overcome the drawbacks of traditional currencies.
The blockchain as a transaction layer of the Internet
The blockchain technology can not only be used for digital payment systems. Its potential applications are almost unlimited. Numerous other projects, such as Ethereum have emerged that extend the blockchain technology, improve and expand it to new fields. Today, any database that is distributedly stored based on Nakamoto’s idea can be referred to as a blockchain.
The blockchain enhances the Internet by offering an entirely new and much needed decentralized infrastructure for processing and storing transactions. Just like the World Wide Web, the blockchain is not owned by a single organisation. It is owned and operated by all participants. No central entity can control it.
The blockchain it not just a new service such as YouTube or PayPal. With its open and inclusive philosophy, it is comparable to the invention of the World Wide Web itself. With its wide range of possible applications, the blockchain has the potential to change the world at least as much as the WWW has in the past 25 years.
Find out more about the blockchain
- Bitcoin and the Blockchain as a global digital payment system are solving one of the biggest problems of the Internet.
- Blockchain technology can be used to organise many services on the network in a decentralised way, for the benefit of consumers, innovation and the free market.
- Smart contracts promise to accelerate the processing of contracts considerably and could lead to significant cost reductions in almost all commercial and private sectors.
Read our blog to find out more about the blockchain and how to use it.