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What is Blockchain
Jun 05, 2018

What is Blockchain


You may have heard the term “blockchain technology” before, in reference to Bitcoin and other cryptocurrencies. For the uninitiated, the term might seem abstract with little real meaning on the surface. However, blockchain technology is a critical element of cryptocurrencies — without it, digital currencies like Bitcoin would not exist.


At first, Blockchain is a public electronic ledger that can be openly shared among disparate users and that creates an unchangeable record of their transactions, each one time-stamped and linked to the previous one. Each digital record or transaction in the thread is called a block (hence the name), and it allows either an open or controlled set of users to participate in the electronic ledger. Each block is linked to a specific participant.


Blockchain can only be updated by consensus between participants in the system, and when new data is entered, it can never be erased. The blockchain contains a true and verifiable record of each and every transaction ever made in the system.


In layman's terms, blockchain is a write-once, append-many electronic ledger.


Blockchain isn't a single technology. Rather it's an architecture that allows disparate users to make transactions and then creates an unchangeable record of those transactions. 


In simple terms, blockchain isn't going to replace the corporate relational database, but it will create a new paradigm for transactional data within (and outside of) global enterprises.





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