What Is A Blockchain?
Tired of asking ‘what is a blockchain’ and getting nothing but tech-bro speak back? Let us clear it up for you.
In plain terms, a blockchain is a way to securely store information, and it doesn’t rely on one person or organisation to manage it. Instead, the information is shared across lots of computers. Each time something happens, like a transaction, it gets added to a “block” of data. That block then links to the block before it, creating a chain—this is why it’s called a “blockchain.”
One of the best things about blockchain is that it’s very secure and open. Because the information is stored on many different computers, no single person or group can control or change it. This makes it a very safe way to keep records, as no one can easily tamper with the data.
You might have heard about blockchain because of cryptocurrencies like Bitcoin. For Bitcoin, every time someone makes a payment, it’s recorded on the blockchain. This means people can see where their money is going, and it can’t be altered. This level of transparency is one reason why some people think blockchain could change the way the financial world works.
But blockchain isn’t just for digital money. It could be useful in many other industries. For example, it could help businesses manage their supply chains, make healthcare more efficient, or even improve voting systems by making them more secure.
Another big benefit of blockchain is its decentralisation. This means that because the information is spread across lots of computers, there’s no single point where things can go wrong. If one computer breaks down, the data is still safe on the others. This makes it very reliable and resilient.
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Blockchain also has something called immutability, which means that once a record is added, it can’t be changed or deleted. This makes it perfect for storing important information like contracts or medical records, where you want to ensure that nothing is altered over time.
In essence, blockchain is a secure and transparent way to store information across many computers. It’s reliable, safe, and hard to tamper with, which makes it useful for lots of things—not just cryptocurrencies. As the technology grows, we’re likely to see even more creative ways it can be used to make everyday systems more efficient and secure.