Basics of... Blockchain

And here we go with a new edition of the #BasicsOf serie… trying to simply explain complex (IT) terms… If you ever wanted to ask what a certain term or acronym means but never did ask, this series tries to explain them as shortly as possible.

This time, it is Basics of #Blockchain

One of the best and short explanation is from Deloitte:

https://www2.deloitte.com/ch/en/pages/strategy-operations/articles/blockchain-explained.html#

You (a "node") have a file of transactions on your computer (a "ledger"). Two government accountants (let's call them "miners") have the same file on theirs (so it’s "distributed"). As you make a transaction, your computer sends an e-mail to each accountant to inform them.

Each accountant rushes to be the first to check whether you can afford it (and be paid their salary "Bitcoins"). The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the transaction ("proof of work"). If the other accountant agrees, everyone updates their file…

This concept is enabled by "Blockchain" technology.

And if you want some concrete examples of what can be done with Blockchain, look here:

https://www.delltechnologies.com/en-us/perspectives/five-ways-organizations-are-using-blockchain-for-good/

#BasicsOf

#iwork4dell