Understanding Blockchain Technology

An experienced entrepreneur and executive, William Lively, a Minnesota resident, is the co-founder and an activist shareholder of Syndex Labs. William Lively, a long-time activist in Minnesota, served in the past with DCI Capital Advisors, LLC, one of the first companies to invest in blockchain technology.

Blockchain is a database that stores its information in blocks. The blocks are chained (linked) in a way that it is impossible for anyone to alter any information once it's been recorded, as they’d have to change every block in the chain, and every block is individually encrypted. Each block has its own data, nonce, and hash. The data is the information of the block, the nonce is generated randomly and is made of 32 numbers, and the hash is the block’s header and consists of 256 numbers. All parts of the block are unique, and to add a block into a chain, miners have to create a block that is similar to the previous hash of the block, and since a nonce has 32 numbers and a hash 256, there are more than four billion possible combinations.

Blockchain is the technology that gave birth to cryptocurrencies. The reason why blockchain is such a popular technology is that unlike all previous attempts to create digital money, blockchain technology does not have a primary owner or controller. It is owned and managed by all who use it.