Thomas Kivisto Discusses Blockchain Technologies

What is Blockchain?

Blockchain is a type of distributed ledger that can be used for anything from storing medical records to trading stocks to tracking the provenance of diamonds. It’s essentially an open-source record-keeping system that anyone with access can use. According to Thomas Kivisto, the information in blockchain isn’t stored on one computer or server but across multiple devices and servers. This means that your data is highly secure as it’s never held in just one place, and hackers would have to break into every device at the same time to steal your data.

What is Blockchain Technology?

Distributed ledger technologies such as blockchain enable more secure data sharing across networks while ensuring trust between unknown parties. According to Thomas Kivisto, for information to change on the ledger, every node connected would have to get consensus from itself before allowing changes, meaning no bad actors or hackers could gain unauthorized access to information without being recorded.

What Technology Is Utilized With Blockchain?

Distributed ledger technologies have become popular because they enhance security while keeping data verifiable between unknown parties over networks. Blockchain technology makes it difficult to alter or remove information once it’s been entered into the system.

How is Blockchain Technology Different From Other Technologies?

Every transaction on the blockchain is authenticated, meaning that it’s really difficult to get away with committing fraud. Transactions are recorded in chronological order, and everyone can see them. If you attempt to go back and change something about an earlier transaction, then another device will have already recorded information about this later transaction too. This means that to successfully tamper with any part of the blockchain would require most devices to lie at once — which is statistically impossible.

What happens when Blockchain Technology fails?

Blockchain networks will not necessarily fail whenever any part of them fails or stops working. A blockchain isn’t one single thing; instead, it’s made up of many different components that work together for the sake of maintaining the data inside the network and ensuring that all of this information remains accurate.

Final Thoughts

Although blockchain technology is still relatively new and has room for improvement, it’s one of the few technologies that show a lot of promise in terms of its capabilities. Many people believe that blockchain will overtake traditional currency someday. However, some industry experts say that we’re still five to ten years away from this occurring, even though there are already many companies and organizations experimenting with it right now.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Thomas Kivisto

Thomas Kivisto

Thomas Kivisto serves on two board and manages 6 different entities in the Energy industry. Located in San Clemente, California.