What is Blockchain?
In a job interview over the Summer, I was given a laptop and 30 minutes to write an article explaining Blockchain technology. Enjoy.
“Blockchain“
You’ve probably heard it floating around on the news with other terms like “Crypto-currencies”, “Bitcoin”, and “Ethereum” But what exactly is it?
Blockchain — refers to a method of verifying and securing transactions of information over a network of computers (such as the internet).
Why Blockchain technology is different.
Take a bank for instance, any bank.
A bank secures, verifies, and records all you financial transactions. The bank acts as a centralized system of keeping your financial records on its database.
But what if suddenly the bank gets hacked and you lose all your financial records? There would be no other copy of your record or history.
Here’s where Blockchain technology comes in.
Using blockchain technology, any transaction or exchange of information is recorded and verified by every active user / computer over the blockchain network. This means that every user will have a record of the transaction and can verify its records.
By decentralizing the source of information, no singular place is more vulnerable than the other for hacks. If one computer was hacked and some record of information tampered with, other users within the Blockchain will be able to verify and double check whether or not the information is accurate.
In a nutshell
Blockchain technology is a new model of securing and recording information without the need for “middle-men”, such as banks and other financial institutions.
Blockchain technology is a modern solution to modern problems in global information security and financial transactions.
