What is blockchain?
In a traditional database, a 'master' set of information is stored at a central location and distributed to other participants. By contrast, a blockchain is a distributed ledger in which information is updated, encrypted and maintained at each node.
Blockchains support different asset types and use cases. Smart contracts add programmable behaviour on top of the shared ledger.
For a hands-on intuition, the blockchain visual demo by Anders Brownworth is excellent: https://andersbrownworth.com/blockchain/
Key Takeaways
- Blockchains store data in blocks chained together.
- New blocks are chained chronologically after they fill up.
- Decentralised blockchains are immutable (irreversible).
- Members-only networks guarantee accurate, timely, controlled-access data.
- Greater security, more efficiency.
Types of blockchain networks
- Public blockchain networks
- Private blockchain networks
- Permissioned blockchain networks
- Consortium blockchains
Walmart, Pfizer, AIG, Siemens, Unilever and IBM Food Trust are among many organisations applying blockchain to real supply-chain, identity and finance challenges.
Thanks for reading! Peace out!