Not only is Blockchain one of the basic building blocks of CEDEX and the way it operates, it is also an entirely new way of thinking financially – and in general.
As more aspects of our lives come to depend on computers and the digital world behind them, there is an ever-present need to secure multiple facets of our lives, and Blockchain technology currently appears to be the most popular way to go about that securely.
Essentially, Blockchain technology is a way to secure information and records in a way that renders them impervious to attempts to alter the information contained within. This is done in a way that may seem complex when explained, but once grasped – becomes easy to understand.
A Blockchain is comprised of an ever-growing list of blocks that uses an algorithm to encrypt the data of the block that came before it, a timestamp and all pertaining transaction data.
When another transaction is executed, the data gets sent to a new block and so on.
Because Blockchain technology is used on P2P networks, with every “node” of the network holding the information for the entire chain, it becomes virtually impossible to alter the data on the chain, as a change to a single block would render the information on it incompatible with the rest of the “chain,” causing it to be disregarded, while the majority of activity would remain on the last known “correct” thread of the chain.
The application of Blockchain technology can be easily seen in the world of cryptocurrency, where the accurate and speedy relaying of information is of utmost importance to everyone involved.
It is also how CEDEX will ensure that all diamond related transactions and CEDEX coin related transactions will be safe, fast and accurate.