Imagine a world in whiich every aggrement, every process, every task, and every payment would have a digital recored and signature that could be identified, validated, stored and shared.
Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction.
This is exactly the world Blockchain has potential to create.
But what is Blockchain?
Blockchain, as it's name suggests, consists of multiple blocks linked together. It is a digitized record that cannot be changed once a transaction has been recorded and verified.
An Overview
How does Blockchain work?
Blockchain can only be updated by consensus between participants in the system, and once new data is entered it cannot be erased. It is a write-once, append-many technology, making it is a verifiable and auditable record of each and every transaction.
What's so special?
Each computer in the blockchain network has its own copy of the blockchain, which means that there are thousands, or in the case of Bitcoin, millions of copy of same blockchain.
Although each copy of the blockchain is identical, spreading that information across a network of computers makes the information more difficult to manipulate. This makes Blockchain disruptive.
With blockchain, there isn't single, definitive account of events that can be altered. Instead, a hacker would need to manipulate every copy of the blockchain on the network, which is almost impossible. This is what is meant by blockchain being a "distributed" ledger.
Some Blockchain Startups
Some applications of Blockchain
Want to learn more?
Other References:
What is blockchain? on computerworld.com
Blockchain Explained on investopedia.com
Post a Comment
Let's make it better!
Comment your thoughts...