What is Blockchain? – Simple explanation

Blockchain is a word everybody wants to understand today. With the massive popularity of Bitcoin in 2018, people began to learn more about Blockchain and different virtual currencies. Blockchain is a technological advance that will assert a lot of authority in transforming industries and business and financial services.

It is a distributed database, keeps a list of ordered records usually known as block and each block has a timestamp as well as a link to the previous block. The storage devices for the database are not all connected to one common processor. Blockchain stores information across a network of personal computers making them not on decentralized but distributed. It means no one actually owns the system and can not take it down.

Users who own it can edit the parts of the blockchain through the private keys needed to write to the file. The process of storing copy of the distributed blockchain is kept in synch is called ‘Cryptography’

The concept was introduced in 2008 by Satoshi Nakamoto. Later, it was implemented for the first time in 2009. The implementation was done as part of the digital bitcoin currency. The blockchain works as the public ledger for all bitcoin transactions that took place on the internet.

Watch this video to understand the Blockchain in 2 minutes from the YouTube channel ‘Institute for the Future (IFTF)‘:

Such is the growing importance of BlockChain that it was rumoured last year, Samsung could be developing the world’s first blockchain smartphone.