Some couples opt for a traditional wedding, while others go for the Elvis impersonator in Las Vegas. But David Mondrus and Joyce Bayo may be the first to have incorporated Bitcoin.
Before about 50 guests at a Walt Disney World hotel in Florida recently, the couple used a Bitcoin automated teller machine to record their written vows on the currency’s so-called block chain — an open ledger that permanently stores information.
“A diamond is forever, a marriage is forever, but when was the last time anyone looked at their wedding vows?” Mr. Mondrus said. “This technology allows us to get that data and store it in a way that is retrievable and noncorruptible.”
As Bitcoin’s price has declined over the last year, critics have been quick to declare the virtual currency dead. Bitcoin’s true value, though, might be not in the currency itself but in the engine that makes it possible.
Underlying Bitcoin — created as a way to make payments directly, anonymously and outside government control — is the block chain, a decentralized database that is driven by cryptography.
Explaining how the block chain works can tangle the tongues of even those who are most enthusiastic about Bitcoin. Most resort to metaphors or diagrams. At a basic level, the block chain is a searchable ledger where all transactions are confirmed, in a matter of minutes, by a network of computers working to perform complex algorithms. Each part of the network maintains a copy of the ledger. About six times an hour, a new group of accepted transactions — a block — is created, added to the chain and broadcast to the other parts of the network. In this manner, all transactions are recorded and linked and thus can be traced. It is nearly impossible to modify past blocks in the chain.
By simply downloading the Bitcoin software, anyone can gain access to the block chain, search it and submit transactions to the network.
Entrepreneurs worldwide are now working to harness that technology for use beyond Bitcoin transactions. The block chain, they say, could ultimately upend not only the traditional financial system but also the way people transfer and record financial assets like stocks, contracts, property titles, patents and marriage licenses — essentially anything that requires a trusted middleman for verification.
“There’s a race going on to extend the block chain’s capabilities,” said Adam Ludwin, a co-founder of Chain.com, a start-up that seeks to help developers build Bitcoin applications.
Read more: Data Security Is Becoming the Sparkle in Bitcoin
The Latest on: Block chain
[google_news title=”” keyword=”Block chain” num_posts=”10″ blurb_length=”0″ show_thumb=”left”]
via Google News
The Latest on: Block chain
- XCAD Network and Pakistan’ Technical Education Authority of Khyber Pakhtunkhwa Government partner to leverage blockchain for incentivising educationon March 28, 2024 at 6:31 am
XCAD Network, a tokenization platform for YouTubers that allows them to reward their viewers with tokens, today announced that it entered into a Memorandum of Understanding (MOU) with Pakistan’s ...
- FLock.io raises $6M for decentralized blockchain AI training platformon March 28, 2024 at 6:01 am
FLock.io, a startup that offers full-stack decentralized training and fine-tuning of artificial intelligence models, today announced it raised $6 million in seed funding to build a blockchain-based ...
- Is the future of AI decentralized? Experts say blockchain holds the keyon March 28, 2024 at 5:37 am
Artificial intelligence (AI), touted as the most powerful and expressive technology of our time, is approaching a pivotal moment of transition towards decentralization. Decentralization of AI Nick ...
- Avalanche Blockchain Collaborates With Alipay+ On Web 3.0 Vouchers, Enthusiasm Builds Around This AI Crypto Presaleon March 28, 2024 at 4:18 am
As per media reports Avalanche, which is characterized by its scalability and speedy transaction conclusion partnerships with Alipay+ for the trial of the first ever Web 3.0 voucher program. The ...
- Best Blockchain App Development Companies in Indiaon March 27, 2024 at 9:21 pm
Spread the loveIndia, with its rapidly growing tech industry, has become a fertile ground for blockchain development companies. The challenge often lies in distinguishing the best from the vast number ...
- Argo Blockchain PLC Announces Closing on Sale of Mirabel / TVRon March 27, 2024 at 5:19 pm
LONDON, UK / ACCESSWIRE / March 28, 2024 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining, is pleased to announce that it has closed on the previously announced ...
- Hashing It Out: Can blockchain create a sovereign internet?on March 27, 2024 at 5:01 pm
A week after experiencing an internet blackout in his country, Hashing It Out host Elisha Owusu Akyaw looks for answers on how blockchain technology can create a more sovereign internet in an ...
- Internet Computer blockchain has raised $77M | Dfinity Foundationon March 27, 2024 at 1:00 pm
Are you looking to showcase your brand in front of the gaming industry’s top leaders? Learn more about GamesBeat Summit sponsorship opportunities here. The Internet Computer Protocol is an ambitious ...
- XRootAI's Innovative AI-Blockchain Solutions Poised to Transform Industrieson March 27, 2024 at 12:05 pm
In an era defined by rapid technological advancement, the convergence of Artificial Intelligence (AI) and Blockchain technology stands out as a ...
- 3 Blockchain Stocks on Sale: Grab the Discounts Before Prices Riseon March 27, 2024 at 10:32 am
InvestorPlace - Stock Market News, Stock Advice & Trading Tips There are some blockchain stocks on sale amid Bitcoin (BTC-USD) going on a ...
via Bing News