What is Blockchain?

A brief introduction.

What is Blockchain Technology?

A blockchain is an organized way of structuring and storing data online. Blockchain’s primary breakthrough is that it allows information online to be distributed, but not copied, unlocking the doors to a whole new world of possibilities in the digital age.

Why is blockchain a big deal?

Blockchains are essentially databases that are replicated over peer-to-peer (P2P) networks. Spreadsheets that anyone can access and make use of while having the responsibility and incentive to maintain them.

  • Organizing data, information, or content in a way that is verifiable, up-to-date, reliable, and accurate;
  • Distributing information that is secure by making everyone privy to it, so that no one can make unwanted changes or single-handedly destroy information;
  • Making data tamper-proof while also being widely accessible, on-demand and giving us the ability to continually update it;
  • The ability to store sensitive data online e.g. financial transactions;
  • The need for consensus between participating parties when updating or adding information;
  • Consolidating data into a chain of events, ensuring the data is stored chronologically so that transactions are irreversible;
  • Possibility for freedom from centralized authorities and elimination of third parties; and
  • Immutability, increased efficiency, improved security, transparency, and enhanced productivity.

Classification of Different Blockchain Types

Public — this is an open platform that anyone around the globe with internet access can participate in. A public blockchain can be fully decentralized.

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Max Thake

Building the Web3 machine economy — and writing about it too. | peaq co-founder | https://linktr.ee/maxthake