Blockchain is certainly a buzzword right now as more businesses are tapping into the world of cryptocurrency. As the possibilities of using blockchain technology grow each day, should more companies consider adopting it into their business models? Alley recently sat down with Lin Dai, CEO and co-founder of Hooch and TAP Coin for a breakdown on what makes blockchain such a unique database system.
"Blockchain technology is the underlying technology behind projects like Bitcoin. It's a distributed ledger and that can't be modified. So fundamentally, it's more secure and it's recorded and verifiable. If part of the network is attacked and taken down, the data is still verifiable through the rest of the network. Those qualities combined is basically, a distributed database system and projects like, Bitcoin is built based on this technology. It's probably the most famous example of how blockchain is used in everyday lives."
We also dive into some of the advantages and disadvantages of using a decentralized network for your business transactions. Learn more about whether your start up would benefit from using blockchain in the video above.