I’m sure most of you have heard of blockchain, but if I asked, ‘What is blockchain?’ you would probably be unclear about how to answer the question. In this article, I won’t delve into the technical nuances of blockchain; instead, I’ll provide a high-level explanation with examples to ensure you understand what it is and isn’t. Let’s begin our journey!
According to Wikipedia, “a blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes.” Complicated, right? 🤨 Let’s take a simpler approach to understanding it.
Firstly, a blockchain is software that follows rules coded by developers, just like any other software.
To give another perspective, you can also think of blockchain as a notebook. This notebook consists of pages in slightly varying colors that together form a distinct pattern. When you interact with the blockchain, it’s like writing on one of these pages. If someone rips out a page, the pattern is disrupted, making the tampering noticeable. This feature is what makes the blockchain trustworthy, ensuring that applications running on it execute exactly as coded.
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Now let’s talk about what blockchain is not. Blockchain is neither a currency nor a bank. It’s a technology with almost unlimited use cases, from tracking your Amazon shipment to allowing data ownership and enabling cheap cross-border payments.
So, the next time someone asks you, ‘What is blockchain?’ you can easily answer the question or just refer them to this article 😉.
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