What Is Blockchain?

[Bravebold]

What Is Blockchain?



Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare. Discover more on what it is, how it's used and its history.

What Is Blockchain Technology?
Blockchain, sometimes referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of a decentralized network and cryptographic hashing.

A simple analogy for how blockchain technology operates can be compared to how a Google Docs document works. When you create a Google Doc and share it with a group of people, the document is simply distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the base document at the same time. No one is locked out awaiting changes from another party, while all modifications to the document are being recorded in real-time, making changes completely transparent. A significant gap to note however is that unlike Google Docs, original content and data on the blockchain cannot be modified once written, adding to its level of security.

Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates critical ideas of the technology:

BLOCKCHAIN MEANING: BLOCKCHAIN EXPLAINED
A blockchain is a digital ledger or database where encrypted blocks of digital asset data are stored and chained together, forming a chronological single-source-of-truth for the data.
Digital assets are distributed, not copied or transferred.
Digital assets are decentralized, allowing for real-time accessibility, transparency and governance amongst more than one party.
Blockchain ledgers are transparent — any changes made are documented, preserving integrity and trust.
Blockchain ledgers are public and constructed with inherent security measures, making it a prime technology for almost every sector.

[Bravebold]