Since most cryptocurrencies are built upon it we should talk about what the Blockchain is. In its simplest form the Blockchain is a decentralized, distributed ledger existing on multiple computers. In a Blockchain there is no single entity or source of truth that controls or manipulates the data. In essence the Blockchain allows data to be distributed in a secure immutable fashion.
Imagine an interconnected chain of nodes all with a copy of the same ledger, all transparent and digitized. Each block in the chain pointing to its previous block with some sort of secure hash identification. This means the data in the Blockchain would be difficult to be tampered with. If data existing in one of the blocks was forged, all the other nodes in the system would not be in agreement and would therefor not allow whatever smart contract or transaction was to take place.
As consumers, how might this technology be beneficial to us? With Blockchain technology a consumer would be able to see the entire history of a product at a granular level. For example, how and when the product was developed, the time it left the factory, how it was stored, how it was transported etc. As a consumer I love this idea because it would force organizations to be transparent with what they’re selling and how it was produced. With this type of detailed information consumers could make better and more informed choices on what they want to purchase from all sorts of different businesses.
Within the last month I’ve begun to research various crypto currencies. This blog is dedicated to understanding why each one exists, what problems it solves and why we should spend our time and effort on learning about cryptocurrencies. Stay tuned, more blog posts to come.