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Aleyda Cohen
Aleyda Cohen

Posted on

What is Blockchain? A super Simple Guide and Facts!

Blockchain Infographic

Every day, cutting-edge technology changes the way we connect, engage and improve the world around us. Most of the time, these innovations come to life in ways that we couldn’t have imagined, allowing us to make progress faster, smarter and more efficiently than ever.
Blockchain is not a company or an app or a website, it is a form of documentation on the internet. Blockchain is one of those advancements.

It is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has advanced into something more noteworthy, and

the main question everyone is asking is: What is Blockchain?

In this guide, i will disclose to you what the blockchain innovation is, and what its properties are that make it so extraordinary. Thus, I trust you'll appreciate this, What is Blockchain Guide.

Which Industries poised for adoption and transformation!

1 Banking and financial markets
2 Insurance
3 Healthcare
4 Media and entertainment

Blockchain

Blockchain use cases

1 Identity
2 Food safety
3 Cross-border payments
4 Supply chain

A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.)

Let me take an example to easy to understand for you!

Think of a railway company. We purchase tickets on an application or the web. The credit card organization takes a cut for preparing the exchange. With blockchain, not exclusively can the railway operator save on credit card processing fees, it can move the whole ticketing procedure to the blockchain. The two parties in the exchange are the railway company and the traveler. The ticket is a block, which will be added to a ticket blockchain. Similarly as a money related exchange on blockchain is an interesting, freely undeniable and unfalsifiable record (like Bitcoin), so can your ticket be. Unexpectedly, the final ticket blockchain is likewise a record of all transactions for, say, a specific train route, or even the whole train network, involving each ticket at any point sold, each adventure ever taken.

But, the key here is this: it's free. Not exclusively can the blockchain exchange and store cash, yet it can likewise supplant all procedures and plans of action which depend on charging a small fee for a transaction. Or then again some other transaction between two parties.

How Does Blockchain Work?

To go in deeper, I would like you to read this piece from NCrypted as its a must read to understand here "What is Blockchain? And What New Applications Will It Bring Us?"

Like what you read? share it to your friends. also to follow me on Facebook, Twitter, Linkedin to read interesting blogs!

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