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Blockchain ABC and 123

How does the Blockchain Work? (Part 1)

A simple and easy explanation

Collin Thompson
Oct 3, 2016 · 8 min read
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How does the Blockchain Work?

Well here is a simple explanation that cuts through the hype.

A short History of Transacting Money

Historically, when it comes to transacting money or anything of value, people and businesses have relied heavily on intermediaries like banks and governments to ensure trust and certainty.[1] Middlemen perform a range of important tasks that help build trust into the transactional process like authentication & record keeping.[2]

Blockchain Vs Bitcoin — What’s the connection?

Bitcoin first appeared in a 2008 white paper authored by a person, or persons using the pseudonym Satoshi Nakamoto. The white paper detailed an innovative peer to peer electronic cash system called Bitcoin that enabled online payments to be transferred directly, without an intermediary.[4]

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how the blockchain transfers value
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What’s under the blockchain hood?

Simply put, a blockchain is a type of distributed ledger or decentralized database that keeps continuously updated digital records of who owns what. Rather than having a central administrator like a traditional database, (think banks, governments & accountants), a distributed ledger has a network of replicated databases, synchronized via the internet and visible to anyone within the network.[8] Blockchain networks can be private with restricted membership similar to an intranet, or public, like the Internet, accessible to any person in the world.[9] [10]

Will the blockchain transform the Internet & the global economy?

Make no mistake about it. Blockchain is a highly disruptive technology that promises to change the world as we know it. The technology is not only shifting the way we use the Internet, but it is also revolutionizing the global economy.[14]

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The Blockchain Review by Intrepid

A Blockchain Technology Business Journal by Intrepid

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