What is Blockchain?

The blockchain is an undeniably ingenious invention by a person or group of people known by the pseudonym, Satoshi Nakamoto. It opens a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.

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The internet itself has proven to be durable for almost 30 years. It's a track record that bodes well for blockchain technology as it continues to be developed. Blockchain technology created the backbone of a new type of internet.

Information held on a blockchain exists as a shared and continually reconciled. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet, this is the basic understanding of the blockchain.

 

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