What is Blockchain Technology? A Primer on the Future of Decentralization
The term “blockchain” has been everywhere lately, in the news, in tech hubs, and everywhere in between. But what is it, how does it work, and why is it essentially revolutionizing the way that data and money are handled? Have you ever asked yourself how a system can be 100% safe without a bank and without a government running it? Let's break down blockchain technology in simple, easy-to-understand terms. What is Blockchain? (A Simple Definition) A blockchain is essentially a shared, tamper-proof digital ledger. It's like a Google Doc that's open to millions of people, but the one thing they can't do is delete or edit the information that has already been put in. Although the blockchain is a technology that became well known worldwide in 2009, when a pseudonymous "Satoshi Nakamoto" developed Bitcoin in it, blockchain was actually created in 1991. Initially designed by researchers Haber and Stornetta as a mechanism to digitally date documents without being able ...