Bitcoin, Ethereum, crypto, NFTs, blockchain – they have all become buzzwords over the last decade. The TV reporter might be talking about Bitcoin’s volatility, social media channels are often buzzing with news of the latest NFT drops, and all of this is somehow related to the blockchain.
How you ask?
It’s simple… Blockchain is the foundation of Decentralized Finance, also known as DeFi.
Think of it in terms of construction - you must level the land and lay the foundation before you can start building the walls. Well, blockchain is the foundation on which all DeFi apps and services are built.
It is an extremely powerful record-keeping technology that electronically stores information in a digital format, kind of like a database.
The difference between a conventional database and the blockchain is the way that the data is stored and the fact that the latter is decentralized. In other words, all blockchains are databases but not all databases are blockchains.
Now, we know that blockchain and its related terms can seem a little confusing and overwhelming but it’s actually quite simple at its core. Stay with us through these series of articles and see for yourself!
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