What is blockchain – Explained

What is blockchain

Blockchain is one of the most promising new technologies for our future

So what happens at present is…  most people use a trusted “shopkeeper” (a bank) to make transactions between the people, consumers and businesses they buy from, sell from and borrow from.

It should be Transparent, Safe, Auditable and Resistant to Outages

What the blockchain process allows is that consumers and suppliers connect directly to each other, without the need for a third party to handle the cash (and take a piece of it) this becomes almost a barter system without a middleman and bitcoin often being the means of transmission. (there are other crypto-currencies available)

What Blockchain provides is the decentralized database, or “digital ledger”, of transactions that everyone on the network can see. Using this shared and unchangeable cryptography keeps exchanges secure. The network is basically a chain of computers that must all agree on an interchange before it can be substantiated and chronicled.

Leave a Reply