What is Blockchain?
Link Integrated Security Solutions Limited
Leaders in Security System Technologies
One of our clients recently asked me to explain blockchain and to be honest although I was familiar with the term I realised that I had no idea, so I did a little research at dummy level and this is the explanation I received. You may find it interesting.
1. What's Blockchain?
?? - Blockchain is like a digital notebook that records transactions. Each page (or block) in the notebook holds a bunch of transactions.
?? - These pages are linked together in a chain, and everyone in the group has a copy of the notebook.
2. How Does it Work?
?? - When someone wants to make a transaction, like buying or selling something, it gets written in the notebook.
?? - Before adding to the notebook, everyone in the group checks the transaction to make sure it's legit.
?? - Once approved, the transaction is added to the notebook, and it can't be changed or removed.
3. Cool Stuff about Blockchain:
?? - Nobody controls the notebook. It's shared among lots of people, so no one person or company can mess with it.
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?? - You can see everything in the notebook. It's like a transparent record of all the transactions.
?? - Once something's written in the notebook, it's there forever. It can't be erased or altered, making it super secure.
?? - People in the group agree on what goes in the notebook. They use special rules called consensus to make sure everyone's on the same page.
4. Where Can You Use Blockchain?
?? - You might have heard of Bitcoin and other cryptocurrencies. They use blockchain for buying, selling, and trading without banks.
?? - Companies use blockchain to track products in supply chains, making sure everything's legit from factory to store.
?? - Banks are looking at blockchain for safer and faster money transfers between countries.
?? - In healthcare, blockchain helps keep medical records safe and lets different doctors share info securely.
?? - Even voting systems are exploring blockchain to make elections fairer and more transparent.
In a nutshell, blockchain is like a super secure and transparent digital ledger that's changing how we do transactions and keep records across lots of different areas.