The Most Hilarious Comment I've Heard On Here Is: What Is A Blockchain And Why Should I Frickin Care?
The blockchain: Why you should care
'Blockchain' is the new word in financial services and government. You may have noticed it. If not you better wake up. Maybe it's not so surprising you've never heard of it before. It sounds like a piece of Lego left on the ground doesn't it?
Well, in simple terms a blockchain is a digital ledger that can be used to store transcations of any type be they business or personal. It is easily visible and transparent to all those who use it, and there is no central authority in this decentralized system. All transactions from start to finish are easily and simply made.
But how does it work?
The "block" in blockchain is a block of data that is created as a specific transaction occurs between two parties. At the end of this transaction, the block is then digitally signed off and added to the chain of all the previous transactions which is stored by all nodes on the network.
Every person participating on the network has a copy of this blockchain, as the nodes continually update each other on what is going on. This is called consensus.
The blockchain has the potential to be used in various kinds of business transactions like banking, and many corporate banks like HSBC and Santander have joined the Etheruem blockchain to help them carry out some of their business transactions, and over time, their systems will slowly migrate onto the blockchain. This will also cut out the middlemen in a lot of businesses too.
Blockchain is also good for supply chain management, so many businesses will look to move their imported goods onto the blockchain for higher accountability and greater transparency.
The blockchain still has a few years to go to be fully integrated within business, but as we all well know, the future is here before we know it. So, don't forget that word 'blockchain'.
I'll leave you to put away that piece of Lego away now!
Steem on!
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