Blockchain technology was created a decade ago as a new kind of database for the digital currency, Bitcoin. Within the next ten years, it may transform the internet.
Today, the blockchain is emerging into a business of its own with many different potential applications.
Information can be stored and transferred by networks of computers without a central system being in charge. No single large entity can abuse or lose control of the data. Industries, governments and other institutions are investing in blockchain technology to share unique digital records and transactions in a decentralized way that is really hard to hack.
"This code is truly novel. It is something the world had never seen before, because it strengthens itself over time," says our guest, Dan Patterson, a senior reporter for TechRepublic and CBS News. "The chain is strengthened by multiple computers, by tens of thousands or millions of computers, pointing their processing power back at the chain."
In this episode we look at how blockchain technology works and why it may revolutionize real estate transfers, healthcare records, financial transfers, and even the diamond industry.