What is Blockchain?

Blockchain can be thought of as a digital list of transactions that exists on thousands of computers worldwide. These computers, known as nodes, communicate with each other to keep this transaction list updated and verify its accuracy.

Users can hold, send, and receive digital assets on the blockchain. When one user sends assets to another the transaction is stored in a block. Blocks are like the heartbeat of the blockchain, they are added to the blockchain at regular intervals. When a block is added to a blockchain it is cryptographically tied to all the previous blocks. This cements the block's contents into the blockchain so it cannot be edited, falsified, or destroyed. Blockchains are ideal for recording information where you want to ensure its permanence, such as the balances of user's digital assets or timestamped records of important events.

Decentralization is critical to the security of blockchain networks. Blockchains are made up of thousands of individual nodes communicating together. Anyone can run a node and verify that every transaction adheres to the rules of the blockchain. Nodes are distributed globally, which ensures that the blockchain will remain available in the case of an unexpected disruption. If some nodes go offline for any reason then other nodes can continue the operation of the network.

What can you do with Blockchain?

Blockchain networks provide an open, reliable, global, always-on network in which the rules are clearly defined and uniformly applied. Unlike the traditional financial system, where billions don't have access, blockchain networks provide an inclusive platform that is available to anyone with an internet connection.

This creates a foundation upon which vibrant parallel economies are being built. Users can own digital assets, make transactions, set up digital contracts, build applications, create businesses, and cooperate together toward shared goals in new ways. Blockchains are new economic systems that give agency to common people.