That the blockchain technology underpins
Bitcoin and other crypto-currencies cannot be over emphasized. The blockchain
is indeed an integral part of any decentralized digital coin.

Yet this technology has possibilities that extend beyond digital currencies and many people are only starting to appreciate this now.

There is no doubt, this is a fairly complex topic (the blockchain technology) that is not easy grasp but here we try to simplify it by examining the many ways it can be used.

What is the blockchain?

Blockchain technology is loosely defined as a growing list of records, called blocks, which are linked using cryptography. Cryptography itself is the art of writing or solving programming codes.

Each block on the chain contains a cryptographic hash of the previous block, a timestamp, and transaction data.

By design, the blockchain is resistant to any unauthorized modification of the data. Data can be altered provided there is consensus to any such change. As a consequence, the blockchain brings trusts between parties, a role currently entrusted to intermediaries like lawyers, central banks, Escrow, regulatory authorities etc.

In addition, the elimination of intermediaries naturally comes with the added perk of reduced operational costs and that is one big plus for this technology.

Blockchain gives transacting parties greater control and this is what makes the technology a hit with individuals who do not want third parties snooping around their private lives.

Still many might find this explanation vague and rather difficult to grasp, so we attempt to simplify this

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Posted from my blog with SteemPress : https://africablockchainmedia.com/news/abm-blockchain-101/2020/02/04/

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