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Blockchain Basics

Author: Moe Harrison /Tuesday, January 17, 2017/Categories: SNI Companies, SNI Financial, Financial Staffing, For Employers, Industry Trends, SNI Certes, Financial Staffing, For Employers, Industry Trends, SNI Technology, Accounting Now

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A blockchain is a ledger of records arranged in data batches called blocks which use cryptographic validation to link themselves together. Each block references and identifies the previous block with a hashing function, forming an unbroken chain.

What makes a blockchain unique, and of value, is that it’s a database - with built in validation. The truly unique part is that the database is not stored in a specific location, but instead it is distributed. Since those who access the data have only a copy and not the original file they can’t change, modify, or tamper with the file. Perhaps the best definition of a blockchain is that it’s an independent, transparent, and permanent database coexisting in multiple locations and shared by a community.

The team at Blockgeeks.com have created the following graphic which is a great explanation of how blockchains work:

There are not yet clear standards to govern how blockchains will be implemented across an enterprise. Some companies may choose to use the bitcoin network, while others may opt for “permissioned” or semi-private blockchains.

While concerns about privacy remain, especially for financial services applications, 2017 will see many industries working to take advantage of the benefits of blockchains.

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Moe Harrison
Moe Harrison

Moe Harrison

Moe Harrison is a Regional Vice President with SNI. With more than 15 years’ experience in recruiting and personnel management, Moe has a unique perspective on the top issues and concerns of employers and candidates in the accounting and finance fields.

Other posts by Moe Harrison
Contact author Full biography

Full biography

Moe Harrison is a Regional Vice President with SNI. With more than 15 years’ experience in recruiting and personnel management, Moe has a unique perspective on the top issues and concerns of employers and candidates in the accounting and finance fields.

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