Blockchain is a complicated but revolutionary new technology. At its core, it means creating unchangeable and encrypted distributed ledgers on everyone’s device that contains user information. By distributing and decentralising the ledger, nobody has the ability to change the data – if you edit your device’s information, then the other devices will still have their ledgers containing the unedited information, and will ‘correct’ your device once you try to engage with the rest of the digital system. Many tech experts herald this as a game-changing double-entry bookkeeping system for the internet era.
However, this technology is relatively abstract – it applies to code and digital information. So when Phil Chen, the inventor of the HTC Vive, announced he was teaming up with the creator of LiteCoin (Charlie Lee) to invent the world’s first blockchain phone, there was a lot of confusion about what that meant.
We at Celicious seek to break down this new technology to understand how important this new phone might be.Continue reading