IOTA Holds Great Promise for Quick and Secure Transactions
Blockchains Establish Firm Ground Within the Online Marketplace After Flagship Product Bitcoin Rises and Falls.
Bitcoins are popularly in today’s society, and are considered “tokens”, which are traded by independent parties on the internet. These bitcoins are a type of blockchains (Laurence, 7).
Blockchains are “data structures which enable creation, and sharing of digital ledgers, records of financial data, amongst independent parties operating computers.” They have no managing authority, and require proof of work by their various networks, which is why they are now evolving to assess the entire internet instead of only working counter-productively (Laurence, 8).
Organizations like the U.S. Department of Homeland Security, hospital systems, hackers, other governmental institutions, and banks, use blockchains to effectively send data and resources between large and distributed independent networks. Bitcoins are a popular type of blockchains which are used to expedite financial currency on the internet (Laurence, 15).
Because of the early tampering of bitcoins by curious and technology-savvy individuals, blockchain technology has advanced dramatically, evolving rapidly, to ingest the complicated web (Chester, 2017).
The nodes which make up the blockchain network work collaboratively, to monitor and maintain the credibility of users’ business transactions. Blockchains are a slightly tedious because they require constant proof of work and systems that prescribe this, unlike the IOTA which is flexible, and can assess situations (Chester, 2017).
While block-chain technology offers a robust and simple solution for transfer of static data, the IOTA understands the complicated nature of ever-changing data and cyclic nature of computerized data (Chester, 2017).
IOTA basks in the tangle of the inter-web, dynamically and happily processing financial transactions, whereas blockchains trudge along, wearily, like old timers.
In conclusion, blockchain technology is a traditional and effective solution, while IOTA is a modern, agile solution.
Yet, software developers have toyed long hours to evolve financial transaction technology to where it is today, as tech has changed rapidly within the last decade to fit the needs of modern day individuals and institutions, hungry for better solutions to pending issues.
Chester, Jonathan. “What If You Could Have Bitcoin Without the Problems of A Blockchain? IOTA May Be The Solution.” Forbes. 16 Oct. 2017. https://www.forbes.com/sites/jonathanchester/2017/10/16/what-if-you-could-have-bitcoin-without-the-problems-of-a-blockchain-iota-may-be-the-solution/4/#160f8f3d633e. Accessed 13 November 2017.
Laurence, Tiana. Blockchain for dummies. John Wiley & Sons, 2017.