Don’t know Blockchain?
Neither do I, so let’s find out together!
Such a simple, easy-to-pronounce word like blockchain should have an equally simple meaning to it, right? Well no! While most know that blockchain is the new cool kid on the block, not many non-techies actually understand it.
So let’s break down blockchain block by block (get it?)
Blockchain is basically a ledger… yes like the accounting book. The formal definition: blockchain is a decentralized database.
Now, what exactly is decentralized? Apparently, it is easier to understand if we understand what centralized is. A centralized system is one where your friend vets your potential date for you to ensure that he has the job he claims he has and that he is in fact who he says he is and then gives you permission to go on a date with him. If the analogy wasn’t good enough, your friend is the bank and you are the one with money trying to pay for a product sold by another person.
So basically a decentralized system takes away the need for the friend, in essence automating the whole facebook stalking your friend does on your behalf. And since a program is less likely to make mistakes, you are more likely to end up with a more accurate evaluation of your ‘date’.
But instead of a romantic partner, blockchain is dealing with information found on the internet!
Know all the basics already? Read Blockchain Tulips for an extensive discussion on ICOs!
Adapted from: Indrek Lasn
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