So, the technology is called “blockchain” because it stores data in “blocks” which are then linked to form a “chain.” Think of the anchor chain on a ship and then imagine that every link stores data.
Blockchain is also often referred to as a distributed public ledger. In other words, it’s a ledger that records information about crypto transactions, smart contracts, and NFT ownership among others.
It’s public in the sense that it is transparent and open for anyone to view.
And finally, it’s distributed because it’s disseminated among many participating computers (nodes), which are part of the so-called peer-to-peer (P2P) network.
This is what makes it a decentralized technology. There is no central authority processing blockchain data, instead, it’s a network of peers (nodes) that verify the transactions.
The first-ever version of the blockchain came out in the early 90s, but it didn’t get a lot of attention until the creation of the first cryptocurrency – bitcoin.
Today, all cryptocurrencies are secured by blockchain technology.
But beyond crypto, blockchain has many other uses including the metaverse, smart contracts, NFT marketplaces, supply chain management, healthcare records and so much more.
So far so good, right?
Now it’s time to turn it up a notch so bear with us as we move into the next articles.
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