|Picture this citizen, a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Ta Da.|
Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet. Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
1)Be controlled by any single entity.
2)Has no single point of failure.
Bitcoin was the raison d’etre of the blockchain as it was originally conceived. It’s only the first of many potential applications of the technology. There are an estimated 700 Bitcoin-like cryptocurrencies (exchangeable value tokens) already available. Other potential adaptations of the original blockchain concept are active, or in development. Cryptocurrencies can be reduced to a simple definition ... limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary but is exactly how you can define a currency.|