BLOCKCHAIN EXPLAINED: A QUICK OVERVIEW
How Does Blockchain Work?
A blockchain is a database that stores encrypted blocks of data then chains them together to form a chronological single-source-of-truth for the data.
Digital assets are distributed instead of copied or transferred, creating an immutable record of an asset.
The asset is decentralized, allowing full real-time access and transparency to the public.
A transparent ledger of changes preserves integrity of the document, which creates trust in the asset.
Blockchain’s inherent security measures and public ledger make it a prime technology for almost every single sector.
Why blockchain is important:
A blockchain is a public digital ledger of transactions that records information in a way that makes it difficult to hack or alter. The technology allows a secure way for individuals to deal directly with each other, without an intermediary like a government, bank or other third party.
Application of blockchain
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.