What is a Blockchain

Lesson 1


Bitcoin is the first result (and the most famous) of the usage of Blockchain technology, which is second to Ethereum, elaborating on a set of features called smart contracts.

Blockchain is essentially a method to verify trust and transfer something of value without the middleman/in-between. Almost any type of transaction involving an exchange of value, be it information, money, goods, or property, can be conducted securely and efficiently with Blockchain. Blockchain technology creates a decentralized, digital ledger of transactions. The Blockchain encrypts the transactions, then distributes them throughout the network, creating a public record that is virtually impossible to hack.

This allows for a highly reliable digital system where interactions, transactions and agreements can happen with no single centralized authority.

Blockchain technology is also exciting because it has many uses beyond cryptocurrency. Blockchains are being used to explore medical research, improve the accuracy of healthcare records, streamline supply chains, and so much more.