Blockchain is a digital record-keeping technology. It’s like a chain of digital blocks, each holding a batch of transaction data. These blocks are linked and secured using cryptography, creating a tamper-resistant and decentralized record of transactions across a network of computers.
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.
Vitalik Buterin, co-founder of Ethereum
In Simpler Terms
Blockchain is pretty much like having your personal digital notary. If you’re, let’s say, making a purchase, every step, from the initial offer to the final sale, gets recorded in a digital block that is public. Once written, it can’t be secretly changed. Everyone involved has a copy, ensuring total transparency.
Contrary to popular belief, blockchain isn’t just for Bitcoin or other cryptocurrencies. It’s used in things like tracking the authenticity of goods and even in voting systems so that every vote is counted and tamper-proof.
Just like email revolutionized communication, blockchain is transforming trust in transactions. One day, blockchain technology could reliably and transparently manage many things we take for granted.
