Jeff Yastine recently met a person in an investment conference who sought his opinion on cryptocurrencies and in particular bitcoin. Jeff opined that both were worth noting but not for speculative purposes only but as a solution to a pertinent problem afflicting most people at the moment. They might have the solution to keeping data and computer networks safe from hackers. This can be guaranteed by the underlying blockchain technology in the world of cryptocurrencies.
New technologies have a lot of “what ifs” attached to them, but blockchain technology is fast going mainstream than a huge population can realize. For instance Lockheed Martin is mulling over using blockchain technology to ensure the security of its defense secrets. Walt Disney Company came up with a fresh platform, Dragonchain, which is now an open source. A number of banks among them Credit Suisse are experimenting with tracking and logging their financial transactions via the blockchain technology. Two companies under the portfolio of Total Wealth Insider have pioneered the use of blockchain technology by major insurance companies, banks and several financial institutions. One of them has already gone up by 25% in six months while the other is expected to rise to 60% in the coming 18 months.
Blockchain refers to a bit of data that could be a contract to either buy or sell, transfer money or any other information that ought to be tracked. However, blockchain is different in that instead of being kept in a central place where it can be hacked or altered, it is recorded as a “hash”. This is a random series of letters and numbers before it is broadcast to other computers in a network. The information is held in sealed blocks and every series of transactions create more of them. This makes it virtually impossible for anyone to tamper or steal your data.
About Jeff Yastine
Jeff Yastine is the current editor of the Total Wealth Insider. Jeff linked with Banyan Hill Publishing in 2015 as an editorial director. He brought his valuable experience spanning two decades as a financial journalist and stock market investor to Banyan Hill Publishing. He also contributes on a weekly basis to Winning Investor Daily and Sovereign Investor Daily to assist investors get a good grasp of monetary, economic and business trends. He also highlights opportunities for making profits as they are unearthed by the financial editors at Banyan Hill Publishing. He has interviewed top entrepreneurs and financiers such as Sir Richard Branson, Michael Dell, Warren Buffet and many others.