Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.
when an individual or business makes an electronic payment, they require a bank to track & record the transaction. Think about using a credit or debit card to make a purchase from a store. How does the store confirm a customer's credit status? How is the transaction recorded? In this case, third party intermediaries, the seller & customer's bank, approve, track & record the transaction for each party in their private accounts. But intermediaries also play an important role beyond financial services and transactions.
Think about the transfer of information. Think about real estate for example. Who records the change of property ownership & land rights when an individual buys a new home? Where are these records stored? In this case, the transaction records are kept by local government authorities who record all the important information pertaining property ownership, land size and legal rights. If government records didn't exist, how would a home owner prove they own the property? With no repository of trusted records, anyone could potentially claim ownership of anything.
But what if there was a way of making a transaction that didn't require the use of a trusted intermediary? Imagine direct business to business or peer to peer transactions. No banks, no government, no intermediaries of any kind. This what blockchain could potentially achieve
Thanks for reading.
Like and UPVOTE 😃😃
Hey I provide a info and they said non oc😥