Blockchain simplified - what is blockchain in 10 points
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27th Jun 2018
A Blockchain is a chain of blocks that contains information. Conceptualised by researchers in 1991 originally to time-stamp digital documents.
Was adopted by Satoshi Nakamoto in 2008 for use in the cryptocurrency Bitcoin.
Bitcoin is the biggest and most known product built using Blockchain but blockchain is not limited to cryptocurrency
Blockchain is essentially an open digital ledger that can record transactions between multiple parties efficiently in a verifiable and permanent way.
Using blockchain, once data is recorded, the data in any given block cannot be altered without the alteration of all subsequent blocks, this making blockchain secure by design.
Decentralised consensus has therefore been achieved with a blockchain.
Blockchain is suitable for the recording of events, medical records and other records management like identity management, transaction processing, documenting provenance, food traceability or even voting to name a few and can be used for Ecommerce too to keep a track of product ownership.
Simply put, blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
A blockchain is inherently resistant to modification of the data and hence secure.
Blockchain is transparent and incorruptible as it solves the problem of manipulation.