Blockchain technology provides an innovative new way to handle transactions over the internet. Traditionally, a trusted third-party, like a bank or financial institution, must facilitate and validate digital transactions. The involved parties rely on the institution to ensure the transaction is what they agreed upon and pay a handsome surcharge for it. Blockchain technology provides a decentralized alternative to this process. It eliminates the middlemen along with the standard accompanying fees. It may seem a bit mysterious, but really, it’s not so hard to wrap your head around.
In a blockchain, small containers called ‘blocks’ hold bundles of transaction data. All of the computers (nodes) participating in the blockchain’s network analyze and validate this data. Once a block contains a specific number of valid transactions, it is officially created and added to the chain in sequential order. This means the last block on the chain always contains the most recent group of transactions. The system creates a unique alphanumeric code called a “hash” for the block. Each block includes its own hash and the hash of the previous block on the chain.
Once validated and added, the transaction information in a block is unalterable. Any change to data within a block would alter its hash and the hash of each subsequent block. This breaks the chain. Each node on the network has the full history of the blockchain, so its accuracy and integrity are verified continuously. This is why blockchains are considered immutable. With these security advantages, it’s easy to see why we’ve chosen to integrate blockchain technology into our privacy-focused file-sharing program, AXEL Go. When you send a contract to a vendor or client with AXEL Go, our blockchain registers and logs that transaction. You can now confirm with undeniable proof when the contract was sent and to whom. This improves transparency and cuts down on confusion.
It’s important to note the blockchain doesn’t store the actual files sent via AXEL Go, only the transfer records. So the content you share is always private. It’s the perfect balance of timestamped transparency and privacy.