Who among us doesn’t get excited with new technology? But isn’t it always disappointing to discover that you cannot use it because it’s too complicated? That’s what happens with a lot of people in relation to blockchain technology. While it seems to be the talk of the town and appears to be the new groundbreaking technology, many still have a challenge understanding it.
“Blockchain” is kind of an interesting name, isn’t it? You might be surprised to know that it’s actually just a combination of blocks and chains! Blockchains are an advanced type of database that saves data in blocks, which are then chained to one another, hence the name.
One striking feature is that when data is recorded in a blockchain, it’s extremely difficult, if not impossible, to change it. This is because of how the blocks are chained together: it’s a system that links each block to the one before and after it. If you change something in one block, you would need to change information in all other blocks, which is not a simple task! That’s why people say blockchains provide secure and tamper-proof records.
You may think of blockchain as a glorified diary. Imagine written notes about transactions being stored in a diary in order of occurrence. Also, picture this diary having numerous copies stored at different locations, so if something changes in it, everyone owning a copy gets to know about it. That’s exactly how a blockchain works too!
We already know that our personal information like bank details and identities need to be secure. That’s the same case for businesses and governments – their information needs to be secure too, and that’s one reason why they’re interested in blockchains!
Take a moment and think: can your diary be read by others? Definitely, right? Those who possess duplicates of the diary can read and match their records. Similarly, the information stored in a blockchain can be viewed by those with access to the blockchain network.
So, next time you hear the term ‘blockchain’, don’t be frightened! Remember, it’s just a high-tech diary that helps keep digital information safe and secure. No matter how difficult it may sound, if you think about it as a diary, it would sound a lot simpler. We’ve seen that blockchain technology has a lot of potential. Could it be the next big thing? Only time will tell. Until then, let’s keep learning and exploring!
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