What the Blockchain Means for You

Understanding the Basics

Been hearing all about the blockchain lately, but have no idea what it is? You’re not alone. I can’t tell you how many people ask me to explain it. I usually dumb it down with something like, “Imagine wearing a sweater and then accidentally cutting one of the stiches. The sweater would fall apart.” The answer isn’t really that complicated. There are countless ways the blockchain will improve your life, so it’s time to learn the basics. The blockchain has nothing to do with The Chainsmokers, nor is it a psychadelic spinoff of Burning Man. It’s just a new and immutable way to store data that’s pretty much tamper proof.

Let’s start by looking at the way you bank, for example. Right now, you store your hard-earned income with a bank that you trust because most people trust them too. They have some/most/all of your money and you get to see it all online every time you look. Login and there it is. Trust is a big deal. Especially when it comes to someone holding your life savings.

So how do these big banks store your data? Do you even know? On their servers, of course. Your bank is storing all of your data and records on servers that they manage. No one else is doing it. Banking systems store account information in databases such as Oracle, and databases are maintained and administered by database…