Basics of the Blockchain

The blockchain's ascent into public relevance has lasted over a decade and - I have no doubts - will persist much longer. Anyone would benefit from understanding this technology's broad strokes.

Here are my broad strokes on the subject.

What is a Blockchain?

The blockchain is a public register.

Anyone can snoop around, no one can change it.

Its blocks are used to manage ownership of anything from currency to trading cards.

How does a Blockchain work?

Transactions are recorded in blocks.

And the blocks extend the chain.

Once a block is added, its content cannot be changed, making the blockchain a permanent ledger.

Why is Blockchain a big deal?

When traditional assets change hands, central authorities facilitate trade.

The blockchain being an automated and decentralized structure cuts the need for the middle man.

What makes the Blockchain secure?

Making blocks snap together takes a lot of computer effort. Not anyone can do it.

In theory, a bad actor could attempt to legitimize criminal transactions.

As long as the majority is invested in the public block, the chain is safe.

There is much more to say about Blockchain. From application to risks and potential.