Hello.

Before we dive into the blockchain, I want to thank you for taking the time out of your day to read this article. You could have been anywhere in the world, and you’re here, with me.

While reading, keep in mind, I have kept this collection of thoughts as simple as possible, merely skimming the surface of what the blockchain is. I will write robustly on these topics in the future, but it is important to start off small and digest this extremely complex technology, one byte at a time.

What is it?

According to Wikipedia, a block chain, or more commonly used “blockchain”, is a distributed database that is used to maintain a continuously growing list of records, called blocks. Before we move forward, think of the blockchain as a giant checkbook, where everyone has access to view each deposit and/or withdrawal. Right about now you’re thinking, “I don’t want everyone seeing my transactions!!”, which is totally understandable. One of the main features of the blockchain is security.

What does it consist of?

If we continue with the checkbook analogy, you have a timestamp (date of the transaction) and a block (the record or single transaction being performed). What makes the blockchain unique and secure is that each block is attached to the preceding block. This may not make any sense at the moment, but we’ll come back to that in a moment.

Why do we need it?

To answer this simply, we need the blockchain to reduce the risk of double-spending (think counterfeit money). Normally, when we want to exchange a good or service, we have to deal with a middle-man/third-party. By utilizing a code based system (blockchain), we’re able to reduce transaction time, cost, and risk of fraud.

Conclusion

Alright, so basically the blockchain is a digital checkbook for the entire world that is more secure, more efficient, and more trustworthy than the traditional middle-man method. In future articles, I will unpack many, many, more facets of this mind-blowingly disruptive technology.