Blockchain Explained: A Thorough Introduction
Ever since Satoshi Nakamoto first described Bitcoin in a paper in 2008, Blockchain, the technology behind Bitcoin has captured the imaginations of many the world over. Years later and the outlook of blockchain remains extremely positive. In fact, a majority of people who have been closely following its advancement believe that blockchain represents the future of financial transactions. In their minds, there is little doubt that in the near future, blockchain will have impinged on every aspect of life, for practically everyone on the planet. Therefore, for such a disruptive technological force, it is imperative that we seek to understand it. Consider this as a “blockchain explained for dummies” article. In it, we will seek to, among other things, answer the following questions:
What is blockchain and what is blockchain technology?
How does blockchain work?
Why is blockchain important?
Understanding Blockchain – a simple overview
To answer the question, “what…show more content… Think of blockchain as a long chain of records (financial transactions or otherwise) made up of blocks, with each block being each of the records that make up the long chain. Each block is encrypted and has a time stamp. The “owner” of each block is the only one who can edit it. Each owner has a private key which they can use to access their block. With every change that occurs to one block within a blockchain, the information on the change is distributed in real time to the rest of the blockchain.
10 important things to know about blockchain
1. Bitcoin can be said to have pioneered blockchain and has been growing by over 100% every year since its debut as a money exchange system in 2010.
2. 50% of the total world population uses the internet but only 0.5% of the entire human population uses blockchain technology.
3. Blockchain is still in its inception years, like where the web was two decades