Blockchain

Blockchain technology is a secure electronic way to send value from one person to another. It is being used by Bitcoin, Ethereum, a wide range of banking, financial, legal and insurance institutions. Blockchain technology is often referred to as a digital ledger. Its function is similar to that of a ledger in the physical world.

Contrary to the name, blockchain is not a chain of blocks. Blockchains are better understood as time stamped slices of digital data (which could just as easily be text or music or video). Each time stamped slice, representing a set amount of value, can be transferred independently of all others. Each slice also has a link to the previous slice, known as the hash, which enables verification and authentication.

Blockchain technology is a secure electronic way to send value from one person to another. It is being used by Bitcoin, Ethereum, a wide range of banking, financial, legal and insurance institutions. Blockchain technology is often referred to as a digital ledger. Its function is similar to that of a ledger in the physical world.

Contrary to the name, blockchain is not a chain of blocks. Blockchains are better understood as timestamped slices of digital data (which could just as easily be text or music or video). Each timestamped slice, representing a set amount of value, can be transferred independently of all others. Each slice also has a link to the previous slice, known as the hash, which enables verification and authentication.

The Blockchain technologies are still in its infancy stage and, as such, there are a lot of myths and misunderstandings about it, which can be easily understood due to the high degree of newness and novelty. As a matter of fact, we still need to get a good grasp of how the technology works before going any deeper into the matter.

Understanding the blockchain, its potential and its implications is a significant undertaking.

It's an emergent technology that is already showing signs of affecting our lives in profound ways.

The best way to analyse the blockchain is to examine the traits and characteristics of other emergent technologies that have come before it.

No one can predict what will happen with the blockchain, but it's easier to understand and able to predict how it might behave if you know how similar events have unfolded in the past.

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