Blockchain Basics: What’s Blockchain Technology and How Might It Change Our Lives?

What’s blockchain technology? The term gets bandied about often enough, but it doesn’t always get the explanation it deserves. 

Understanding the basics of blockchain can help you understand several of the big changes that are taking place online. It’s the foundational technology that underpins cryptocurrency and NFTs (non-fungible tokens), yet it has several other emerging applications as well. 

In all, gaining a sense of how blockchain technology works will give you a further sense as to how it may eventually shape the way you go about your day. 

Blockchain technology holds great potential because of the unique, decentralized way it handles data—which marks the first step in understanding how it works. 

How blockchains work 

An easy way to visualize how a blockchain works is with an old-fashioned ledger. Each ledger entry is a link in a “chain.” Within each chain is a unique identifier known as a hash and a block of data associated with it. Over time, chains get added, which updates the hash as new blocks of data are added to the chain.  

 A simplified example of a blockchain storing recipe instructions. The Previous Hash and Stuff (data) fields generate the Hash field. This Hash becomes part of the next record. 

Yet one of the most important aspects of blockchain technology is this—it’s decentralized. Dozens, hundreds, thousands, or more participants in the blockchain track and validate the transactions associated with it.  

Each blockchain entry gets validated through consensus, where individual participants on a blockchain network must all “agree” that the data in each entry is correct. Participants in the blockchain network can arrive at consensus through several models, yet commonly they use cryptographic calculations to validate an update to the chain.  

In this way, blockchain technology removes the need for a central authority to oversee a transaction, such as a bank. Put simply, blockchain gets rid of the go-between. And it makes transactions more anonymous as a result. 

Participants in a blockchain network receive a small amount of cryptocurrency per transaction as a reward for their efforts. Enter the notion of crypto mining, where some miners set up large-scale farms of powerful, specialized computers that participate in blockchain networks. 

Blockchains come in public and private forms. Public is just as it sounds, where anyone can participate in the blockchain. They can read, write, or validate data in the blockchain. Private blockchains are invite-only in nature and can establish rules about who can alter the blockchain.  

Many blockchain ledger entries record financial transactions associated with cryptocurrency. However, ledger entries can contain any type of data. One can just as easily store documents, images, log files, or other items in a blockchain. Even decentralized programs, also known as smart contracts, can be stored.  

In all, there’s much more to blockchain technology than just cryptocurrency. 

How are blockchains used? Real-world applications of blockchain. 

First and foremost, blockchain technology is at the heart of cryptocurrency. Wherever cryptocurrency is bought, spent, or exchanged, the blockchain is there to facilitate the transaction. However, we can point to several new and emerging applications as well, including: 

• NFTs: Another popular application of blockchain technology is NFTs (non-fungible tokens), which are often used to record and transfer ownership of digital assets. Examples include .jpeg images of artwork, videos, or even tweets, such as the one that former Twitter CEO Jack Dorsey sold for $2.9 million.  
• Transfer of real-world goods: Just as digital goods can be bought and sold via blockchain, so can things such as vehicles and property. Blockchain can verify the original owner, the sale, and then the transfer of ownership to the party who made the purchase. 
• Healthcare and science applications: Doctors and researchers are now exploring blockchain technologies as a means of gathering, validating, and sharing medical data securely. 
• Supply chain monitoring: The ledger-like entries make blockchain technology ideal for tracking the progress of goods as they make their way to consumers. Auto companies are exploring this technology to manage their vendors and the manufacturing process overall. Likewise, it has applications in agriculture as food is tracked along its supply chain across growers, shippers, wholesalers, retailers, and ultimately to shoppers. 
• 5G data: Businesses, organizations, and cities will increasingly adopt 5G-enabled devices to monitor everything from heating systems in buildings, medical equipment, and traffic signals. Blockchain technology can help verify the authenticity of the data these devices will exchange—particularly for the 5G-enabled devices that will help run critical infrastructure and business operations. 

The pros and cons of blockchain technology 

Blockchain technology offers several benefits, yet it has its downsides as well.  

Decentralization removes the need for third parties in transactions because the blockchain provides the verification and oversight for the transaction to go through. In the case of financial transactions, that removes the need for banks. In the sale of property, that removes the need for a title company.  

However, if there is a conflict or issue between the parties, they have no central authority to manage its resolution. (See this story written by a BBC journalist about his quest to recover stolen crypto funds.)  

Additionally, decentralization can afford parties anonymity, which can cover up illegal activities—thus making cryptocurrency is the coin of the realm for scammers and murky marketplaces on the dark web. 

Blockchain technology is open, meaning that theoretically anyone with a specially equipped device can generate revenue as a miner in the blockchain economy. Yet the reality is that much of the technology is in the hands of the few. For starters, these mining devices are expensive. Secondly, it takes hundreds of these devices to mine effectively, which points to the advent of the industrial-sized mining farms mentioned above. 

To put it all into perspective, one study estimated that “(t)he top 10% of [Bitcoin] miners control 90% and just 0.1% (about 50 miners) control close to 50% of mining capacity.”  

Additionally, all that computing power comes at an additional cost—energy. It takes electricity to run those huge mining farms, and it takes yet more electricity to keep them cool. As a result, crypto mining can generate an outsized carbon footprint if the electricity is generated with fossil fuels. 

Image and data courtesy of Digiconomist 

Of note, the second-largest cryptocurrency, Ethereum has made great strides on the energy consumption front. It updated the way the cryptocurrency arrives at consensus in its blockchain and uses far less energy as a result. Estimates show that Ethereum’s carbon footprint decreased by about 99.992% from 11,016,000 to 870 metric tons of CO2.  

The future of blockchain technology 

As far as technology goes, we still live in the relatively early days of blockchain. And while much of its popular focus revolves around its role in cryptocurrencies like Bitcoin, the technology offers more than that. Of course, it remains to be seen which of its applications will take root. 

Blockchain has its own barriers, though, particularly when it comes to security. Like any other connected technology, it finds itself the target of hacks and attacks. Billions of dollars in cryptocurrency have been stolen from individual users and exchanges over the years.  

The security issue isn’t necessarily with the blockchain itself. That’s highly difficult to hack thanks to encryption and the decentralized nature of the blockchain. Instead, the networks they are on are subject to attack—such as interception attacks where bad actors extract information or cryptocurrency. Other attacks involve flooding the blockchain network with false identities that ultimately crash the system. And yet more exploit weaknesses in the security protocols used by platforms like cryptocurrency exchanges.  

Then there’s the tried-and-true phishing attack, where scammers dupe victims into handing over their personal encryption keys. With a key, the scammer can empty digital wallets of their cryptocurrency or compromise a private blockchain network and that data in it. 

Clearly, the future remains speculative as people and organizations explore the uses of blockchain technology. Without question, security will play a major role in its adoption. 

What does blockchain mean for everyday internet users? 

Unless you’re dabbling in cryptocurrency yourself, blockchain will likely remain a behind-the-scenes technology. At least for the time being.  

Yet it can still shape your day in some way. It might help bring fresher produce to your market. It might secure smart utilities and smart infrastructure in your city. And it might give your auto manufacturer a powerful tool for identifying and recalling a faulty part in your car.  

Although barriers of security, energy consumption, and equity remain, it stands a good chance that blockchain technology will continue to change our lives. And understanding how it works can help you better understand those changes. 

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Parent’s Guide: 8 Ways to Help Your Teen Combat Distracted Driving

Read this statement, then read it again: Just five distracted seconds at 55 mph is equivalent to driving the length of a football field with your eyes closed. This alarming truth from the National Highway Traffic Safety Administration (NHTSA), highlights the need for parents to address the issue of distracted driving with their teens.  

Additional distracted driving statistics are mind-blowing. According to the NHSTA, 77 percent of drivers admitted to using their phones while driving, 74 percent used their map app, 56 percent read emails or texts, 27 percent updated or checked their social media accounts, and shockingly, 19 percent of drivers—equivalent to one in five—engaged in online shopping while driving. 

In the United States, distracted driving has become a leading cause of fatal crashes, accounting for 25 to 30 percent of all fatal crashes. Furthermore, overall highway fatalities have increased by 22 percent, as reported recently by The Los Angeles Times, which attributed this rise to the allure of technology turning our cars into “candy stores of distraction.” 

Passenger/Peer Distractions 

While technology plays a significant role in distracted driving, other everyday choices and factors can also contribute to accidents. Eating while driving, managing a lively pet in the car, navigating unfamiliar streets, and even talking with peer passengers can distract young drivers. Studies have shown that crash risk doubles when teens drive with one peer passenger and quadruples with three or more teen passengers.  

In the throes of summer, it’s a great time for parents to have a conversation with their teen drivers about the dangers of distracted driving and texting while driving. Here are some important topics to discuss and tips to help keep your kids safe on the road: 

Safe Driving Tips for Teens 

1. Put the phone away: Encourage every family member, including parents, to put their phones out of reach while driving. Setting this example will demonstrate the importance of focusing on the road and minimizing distractions. 
2. Lead by example: Parents are the most influential role models for young drivers. Turn off phone notifications, stow your phone away, and prioritize safe driving habits. Your actions speak louder than words, so make sure to set clear guidelines and follow them consistently.  
3. No selfies or videos: Everyone’s crazy for TikTok videos and Insta reels, which is why this point is so important. Discuss the risks of taking selfies or recording videos while driving. Encourage your teen to resist the urge to engage in any social posting or activities that may distract them from driving. This also applies to passengers who might distract the driver. 
4. Establish clear rules: Every family is unique, so establish clear rules that make sense for your family regarding device use and driving. Discuss expectations and consequences, such as losing phone or car privileges, if the rules are broken. 
5. Use tech to limit tech: Consider utilizing apps or devices that monitor your teen’s driving behavior. These tools can track speed, location, hard braking, and sudden acceleration. Using these tools together allows you to address concerns and areas for improvement. Most smartphones offer built-in Drive Safe modes, and there are also apps available that block incoming texts or track phone activity. Some parents have even opted for dash cams to for monitoring teen driving behavior. McAfee’s Parental Controls, McAfee+ Ultimate allows you view your kids’ device activity, locate them on a live map, and receive automated notifications when they enter or leave familiar places. Tracking can also help parents avoid calling while kids are driving.  
6. Be proactive: Engage your teen in conversations about real-life driving scenarios, such as dealing with aggressive or angry drivers, navigating dicey weather conditions, or handling peer pressure while in a vehicle. Help them understand the risks involved and some appropriate responses in different situations. 
7. Keep on talking: Communication is crucial. Regularly discuss safe driving habits with your teen and maintain an open line of communication about their driving experiences. By building trust, you can make a significant impact on their driving behavior. 
8. Speak up as a passenger: Teach your teen how to advocate for safe driving when they are passengers in other vehicles. Encourage them to ask friends (or any age of driver—even a parent) to put away their devices while driving. Helping them find their voice in these situations can save lives. 

Remember, developing good (or better) habits takes time, effort, consistency, and parental involvement in teen driving. Preventing distracted driving with positive behavior change won’t happen overnight. Repeat yourself when it comes to road safety without apologies. Giving your child rules and expectations demonstrates love. By making some of these shifts, hopefully, you will worry less, raise wiser drivers, and improve safety for everyone on the roads.   

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Start the New Year Right With This 3-Step Digital Detox

Pledging to follow healthier habits is consistently the most popular new year’s resolution. That January 1st promise looks different to everyone: snacking less often, going to the gym more often, drinking more water, drinking less soda, etc. This year, instead of a juice cleanse subscription, opt for a healthier habit that’s not an unappetizing shade of green: follow this digital detox, instead! In three easy steps, you can make great strides in improving your digital wellness. 

1. Update

There are various aspects of your digital habits that you should consider updating for a more private and safer online life. For starters, update your passwords. Do you reuse the same password for multiple online accounts? Doing so puts your personally identifiable information (PII) at great risk. For example, if a business with which you have an online shopping account is breached by a cybercriminal, your login and password combination could make it on the dark web, through no fault of your own. Then, through a brute force attack, a criminal could use that same password and username combo to walk into your banking or tax filing accounts.   

Remembering unique, complicated passwords and passphrases for your dozens of online accounts would be impossible. Luckily, there’s software that remembers them for you! It’s called a password manager, which acts as a vault for all your login information. Just remember one master password, and you can be confident in the security of your accounts and never have to deal with the hassle of forgetting passwords. 

Another aspect of updating you should adopt in 2023 is making an effort to always upgrade to the latest software updates on all your devices. The easiest way to do this is to turn on automatic updates. From there, you don’t need to take any further action! Apps and operating systems (like Apple, Android, and Windows) often release updates to patch security vulnerabilities. When you run outdated software, there’s a chance a cybercriminal could take advantage of that security gap. 

Finally, make sure that you keep updated on the latest security headlines. Consider setting up news alerts to notify you when a breach occurs at a company that you frequent or have an account with. Speed is often key in making sure that your information remains safe, so it’s best practice to have your finger on the pulse on the security news of the day. 

2. Connect

A new year digital detox can be a whole family affair. Connect with your family, anyone connected to your home network, and your elderly relatives to get everyone on the same page with security best practices. Here are some common online security snags people of all ages encounter: 

Social media oversharing.

Everyone has an oversharer on their newsfeed. Alert your family members of the dangers of posting too much about their personal life. When someone takes those “get to know you” quizzes and posts their answers, cybercriminals can use that post to take educated guesses at your passwords. Additionally, social engineers can tailor social media scams to specific people in order to increase the chances of tricking someone into sending money or sharing valuable personal or banking details. 

Falling for phishing.

While spam filters catch a lot of phishing emails, phishers are getting smarter by the day and are making their attempts more and more believable. Connect with your loved ones and make sure they know how to recognize phishing emails, texts, and social media direct messages. Telltale signs of a phishing message include:  

• Typos and grammar mistakes 
• Over-the-top language that makes you feel very angry, sad, or excited 
• Harsh consequences for not replying within a short timeframe 
• Requests for passwords or Social Security Numbers 
• Blurry logos 

If you’re ever unsure if a message is a phishing attempt, the best course of action is to just delete it. If the “sender” is a well-known institution, follow up with a phone call using the official customer service number listed on their website. The phisher may also claim to be someone you know personally. In that case, give the loved one in question a phone call. It’s a good excuse to reconnect and have a nice conversation! 

Visiting unsafe sites.

In the quest for free streams of the latest new show or movie, people often encounter unsafe sites that hide malware, spyware or other types malicious links and programs. Some types of malware can jump from one device to others connected to the same home Wi-Fi network. That’s why it’s important to make sure everyone under your roof practices excellent digital security habits. One wrong click could sink an entire household. Consider signing up your family for a safe browsing extension that can notify you when you stray onto a risky site. So, instead of putting your device at risk during movie night, connect with your friends or loved ones over one copy of a safely and officially purchased version. 

3. Balance

As with any new health regimen, immediately zooming from zero to a hundred will likely be overwhelming and result in failure. The same goes for adopting new digital safety habits. If you try to do too much at once, all the security measures you put in place will likely get in the way of your daily online activities. The more inconvenient it is, the more likely you may be to cut corners; thus, negating all the progress you’ve made. 

Being cybersafe doesn’t mean you can’t still enjoy your connected devices to the fullest. It just means that you may need to act with more intention and slow down before volunteering personal details online or clicking on links.  

Supplement Your Digital Detox With McAfee+ 

To supplement your digital detox, consider signing up for McAfee+ Ultimate to make 2023 the year for a safer online you. McAfee+ Ultimate includes all the tools you need to live your best online life safely and privately, including a password manager, web protection, unlimited VPN and antivirus, and $1 million in identity theft coverage and restoration for peace of mind. 

Cheers to a digitally smart 2023! 

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