About Us | Contact Us
View Cart

Why Blockchain Matters

By Vigilize | Monday, September 25, 2017 - Leave a Comment

The technology that makes up the foundation of new currencies such as Bitcoin is capable of much more…


An article review.


ServIcons_ITAudit_01If you’ve been following technology related news at all over the past few years you’ve probably read headlines about Bitcoin and other cryptocurrencies, but if you’re like many people you may not know just how they work–and that’s understandable because how they work is based on an entirely new concept called blockchain.

While the concept is new and very different from how traditional currencies operate, a new video shared with us by Wes Pollard of Home Bank helps explain just what it is, and why it’s poised to change much more than buying and selling things online.

The video, posted on YouTube channel ColdFusion, explains that blockchain is a system based on the concept of distributed trust: it is a record of all transactions, secured by cryptology and distributed among many different people, or nodes. This prevents bad data from being able to spread, as it must be confirmed by multiple parts of the network before being accepted, keeping one entity from manipulating the data for their own gain. This technology also prevents one central authority or organization from being able to control and potentially manipulate the blockchain: there is no Central Bank of Bitcoin.

While Bitcoin itself remains on the fringes of currency (the value of one bitcoin can vary quite a bit from day to day) the video goes on to explain many powerful organizations are realizing the value of blockchain as a technology: the government of Sweden, the Nasdaq exchange, the Bank of England, Citi and Barclays are among those utilizing or planning to utilize it for tasks as varied as land registries, tracking diamonds and recording trading in private companies.

Regardless of where the price of Bitcoin goes in the coming months–China has already made moves to limit the currency’s use, for example–the blockchain is almost certainly here to stay, and will probably be working behind the scenes in a service you use.


Original video by ColdFusion posted on YouTube.


same_strip_012513


 

Latest News
     A Timeline Update as of 02/22/21 An update to our Newest Employee’s FIRST Technical Article Another interim post-mortem review . . . . A Note About Updates: We have decided to leave the original article as it was originally posted and to update this post with any changes that have been made. You can see […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    A Webinar-Movie The 2020 annual webinar update on the subject will include a review of the previous years’ movies that are already available, and a discussion about alternative tactics that have arisen from recent virtual conferences and regulator panels.
    The cybersecurity industry faces challenges, and some of them may involve your business… An article review. In a world where threats to your organization’s electronic assets are constantly emerging and evolving a cybersecurity insurance policy can help mitigate risk…but what kind of risk does the cybersecurity insurance industry face?  A new article in the Harvard […]
    What are the top seven risks your board should know about in 2021? Since his first board presentation in 2000, when Dan presents audit reports to boards of directors, he also talks to the board about the top risks the institution is facing. Since 2006, Dan has been compiling a list of the “top seven […]
    A Timeline as of 01/24/2021 Our Newest Employee’s FIRST Technical Article Another interim post-mortem review . . . . A Note About Updates: We are leaving this article as is, but for any updates to the timeline, check the Autopsy of the SolarWinds Hack Timeline Update article!      – Vigilize Introduction: As the managing […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS FORUM AND CONFERENCE NEWS infotex is proud to announce that Dan Hadaway will be moderating a series of IT Forums for the Ohio Bankers League. “We are excited to continue fostering the relationship with the OBL to help educate and keep Risk Management at the forefront of […]
    Top 7 Trend Articles of 2021. . .  . . .For ISOs of Small Financial Institutions. Welcome to our annual T7 article:  a list of our favorite trend articles from the past year.  Our intent: help you organize your thoughts as your work through your strategic planning process.  We hope reviewing these articles will help you […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    A Webinar-Movie In our current world of uncertainty there is at least one thing that is certain. Business needs to continue, and that means that it is important for managers to be able to meet with their team even if everyone is working remotely at this point. In this Webinar-Movie, Dan will compare virtual meeting […]