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What is Blockchain.

 

Imagine thousands of computers on the internet holding the same copy of a spreadsheet, continually reconciling with each other and adding to it regularly but never deleting from it. Using this approach, data is never stored centrally, and as such cannot be hacked or lost , is easily verifiable, and easily accessible to anyone on the internet. This is basically how blockchain works.

 

Blockchain uses public and private “keys” encryption technology to secure transactions.  A public key is a user's address on the blockchain. The private key is like a password that gives its owner the rights to transact from their address. 

Blockchain is the technology that underpins the crypto currency bitcoin, and it was invented by a person or group of people known by the pseudonym  Satoshi Nakamoto.  Bitcoin was just the first of countless use cases that have emerged since. The following video gives a great understanding on blockchain technology.