With every new day comes new headlines about the complex and mind-blowing technology of blockchain.
It seems everyone, from established companies to venture startups, national governments to international agencies, is jumping into the arena and investigating ways to put blockchain to use. The possibilities for transformation in industries as diverse as energy, insurance, finance, retail and health are huge – but mainstream audiences, those readers outside the blockchain bubble, may be wondering: What is blockchain?
To start, blockchain is the underlying technology for something you probably have heard of: Bitcoin, a digital-only currency. Blockchain enables peer-to-peer technology that permanently records transactions in a distributed ledger. Imagine writing a line in an old accounting book; now imagine that line taking digital form.
A transaction or set of transactions (a few pages in your accounting book) constitute a “block,” which is placed in the blockchain in a linear and chronological order. Once the transaction is complete, the block is formed, and a new block is ready to be created. (Consider this the equivalent of having different accounting books for different purposes, clients, etc.)…Click HERE to read full article.
