Recent Posts

Archive

Tags

Solar, Bitcoin, And The Blockchain


BAKER ELECTRIC SOLAR — It is based on leveraging communities of computers all working together, using the power of group consensus to make decisions without a central authority. Blockchain will change how the energy industry operates and Baker intends on being a leader in this exciting new technology.​

So what is blockchain technology anyway?

Blockchain has been revealed to the world recently as the technology behind Bitcoin. The financial world is buzzing with talk of Bitcoin. How are people becoming Bitcoin millionaires? Should you invest? Is there a bubble? How will it be regulated? And on. But what they fail to recognize is blockchain technology itself is the bigger story.

Blockchain allows billions of dollars a day to move in and out of Bitcoin without the need for direct human intervention or a master record keeper. Blockchain is a way of maintaining the integrity of information by distributing it among a network of hundreds or thousands of computers. There is truth in numbers. For example, a thousand people collectively telling the same story is more trustworthy than an individual. Or think of it like this, you are running a business where it is critical that financial accounting is accurate down to the penny. You could hire one accountant and trust their work to be error-free. Or you could increase the probability of accuracy by hiring two accountants to work independently and compare their results. Hiring a third accountant would almost guarantee accuracy. How about hiring thousands? That’s blockchain.

The blockchain can keep accurate records of anything digital or digital representations of things in the physical world. Perhaps most disruptive, however, is the blockchain can hold executable instructions – or ‘smart contracts’. Smart contracts eliminate the need for third-parties or middle-men to execute the terms of a contract. You might want to look away for this next example if you are a lawyer: