What is Blockchain
The Blockchain and Blockchain Technology are buzzwords that everyone seems to be talking about. Some people claim it to be a disruptive technology that will change the way we handle financial transactions and can aid many other aspects of our lives. If you do a Google search for "what is blockchain" you will probably come up with results similar to this:
"The Blockchain technology is a digitally distributed ledger system that allows untrusted parties to reach consensus and transact without the need of a centralized intermediary. Being a decentralized system, transactions on a blockchain are not subject to centralized control over data and thereby there is no central point of failure."
When used in relation to Bitcoin and other cryptocurrencies you may also come across the terms Block, Block Explorer, Block Height and Block Reward, Distributed Network, Distributed Ledger, Genesis Block, Mining, Node and Peer to Peer(P2P) and many others. What does all of this actually mean? Let us break down each part of those to give you a true understanding of what Blockchain Technology is and how it can be used for many different applications.
The blockchain is a distributed ledger. Unlike a traditional ledger that is kept in one central location and access is controlled by a central authority, a distributed ledger is stored on multiple nodes across a network and is accessible by all.