What is blockchain?
A blockchain is a time-stamped series of records of data, managed by a cluster of computers not owned by a single entity. Each BLOCK is secured and bound to the next using cryptographic principles to form a CHAIN – hence the term blockchain.
A blockchain carries no transaction cost, and passes information from A to B in a transparent, fully automated, and completely safe manner. A person initiates a transaction and begins the process by creating a block. This block is verified by millions of computers across the internet (cryptocurrency miners) and then the verified block is added to a chain. This chain is stored across the internet and has a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain, and falsifying millions of instances of unique blocks. It’s virtually impossible, and why blockchain is such a secure method of transmitting data and information. Bitcoin uses blockchain for monetary transactions, but it clearly has many other uses too.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016).