Happy hump day, friends! Today’s tech topic is Blockchain. What is a blockchain? It’s like a public ledger for transactions from banking to music to real estate sales. Every transaction performed through the blockchain is recorded in a ledger. However, instead of only having one record and source of truth, every person has a copy of the ledger and can check to insure all transactions are legitimate.
How does it work, you ask? When you make a transaction in a Blockchain ecosystem, a public record of the transaction is created. Computers, located all around the world, verify the transaction via algorithms (these are like recipes that humans write and computers follow) to confirm the transfer of value and create a running log of all activity. This ensures that no individual person or group has the power to modify or tamper with the data, (i.e. confirming the seller told you the real ingredients used to make the lipstick you just bought).
So, why should you care? Maybe you just bought a new dress and you want to be sure of where it came from and what it’s made of. Perhaps you’re acquiring a company and you need to identify ownership. Or, maybe you just prefer full transparency on all of your peer-to-peer transactions. The Blockchain ecosystem enables safe, fast, and cheaper transactions.
Pretty cool, right? If you’re interested in learning more about Blockchain, I recommend checking-out the course I've linked below (it's on sale!):
Photo credit: Andrew Ho