Alright. Let’s just get to it. What is blockchain? In the simplest terms, a blockchain is a digital ledger of transactions. These transactions are stored as encrypted pieces of data that are linked together in chronological order. Blockchain is the technology behind cryptocurrency and NFTs.
Now let’s break that down even further: Blockchain has three key features.
First, it is distributed, meaning it is not stored in one central location, but rather it exists on many computers around the world. This makes it nearly impossible to hack or tamper with. To alter a blockchain, someone would need to change it on every single computer in the network.
Second, blockchain is transparent. All transactions are recorded on the blockchain. They are public and visible to anyone with access to the ledger. This might sound like a bad thing, but it actually makes blockchain very secure. Because everyone can see the transactions, it’s easy to spot any suspicious activity.
Finally, blockchain is tamper-proof. Once a transaction is recorded, it cannot be altered or deleted. This is because each transaction is given a unique code. When the next transaction is added to the blockchain, it includes the code of the previous transaction. So if someone tried to change a transaction that had already been recorded, it would be immediately obvious, because the code would not match the rest of the blockchain.
These three features make blockchain a very secure and efficient way to store data. And that’s why we are seeing it’s being used for more and more applications. We’re still in the early days of blockchain technology, and it’s hard to predict exactly how it will change the web. But we are starting to see the use cases for blockchain expand into areas like blockchain gaming, NFTs, and digital records to name a few. One thing is for sure: blockchain is going to have a big impact on the way we use the internet, and it has the potential to revolutionize the way we live and work online.