What is Blockchain?

Most folks know it as the protocol that underpins Bitcoin, but it’s much more than that. You can essentially think of it as an “appends only” digital ledger—similar to a shared spreadsheet record.

It is basically a data structure which exists in many different places at once and which is very difficult to make amendments to because you can’t ever delete from it. You can only add to it.

This is a cool feature because it exchanges its central power structure model for a decentralized network of independent record keepers.

This approach minimizes the possibility of an unauthorized person being able to manipulate records. In turn, this makes the record more secure, giving users more confidence in the digital data that is in the blockchain.

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Blockchain Is Like a Public Ledger

If you send Bitcoin (or some other cryptocurrency) to a friend, or sell it, that information is publicly available on the blockchain. Other people may not know your identity, but they know exactly how much value has been transferred from one person to another.

Many people see it as an alternative to traditional banking. Instead of needing a bank or some other institution to verify the transfer of money, you can use it and eliminate the middle man.