Introduction to blockchain – What is it and how it’s growing?

Introduction to blockchain - What is it and how it's growing?

Forget bitcoin, follow blockchain says Forbes magazine. But despite being introduced alongside bitcoin in 2008 by Satoshi Nakamoto, blockchain technologies have received comparatively little attention outside of the tech realm. Yet it continues to be one of the most disruptive technologies today. Blockchain essentially refers to an ever-growing list of records or blocks, which are secured and linked via cryptography. It is an open, distributed and public transaction ledger that records events in a permanent manner that can be verified at any point of time.

To understand why blockchain is so influential and to know more about its future, we must first look at how it works.

How blockchain works

Blockchain is the method used to trade digital assets. It is most often associated with cryptocurrency, but it can be used to trade other property or sign contracts. Blockchain depends on two variables – public and private keys.

A public key is used by an individual to receive or send the asset in a trade. This key can be given to anyone. But it cannot be used to access your assets. This is the function of the private key, which should be kept safe.

Forget bitcoin, follow blockchain says Forbes magazine. But despite being introduced alongside bitcoin in 2008 by Satoshi Nakamoto, blockchain technologies have received comparatively little attention outside of the tech realm. Yet it continues to be one of the most disruptive technologies today. Blockchain essentially refers to an ever-growing list of records or blocks, which are secured and linked via cryptography. It is an open, distributed and public transaction ledger that records events in a permanent manner that can be verified at any point of time.

To understand why blockchain is so influential and to know more about its future, we must first look at how it works.

How blockchain works

Blockchain is the method used to trade digital assets. It is most often associated with cryptocurrency, but it can be used to trade other property or sign contracts. Blockchain depends on two variables – public and private keys.

A public key is used by an individual to receive or send the asset in a trade. This key can be given to anyone. But it cannot be used to access your assets. This is the function of the private key, which should be kept safe.