Has trying to understand blockchain ever left you dazed and confused? Sick of hearing nonsense like SHA256 algorithms and byzantine fault tolerance? Just want to know what the hell blockchain is and why people keep talking about it?
Well you’re in luck. In this article, I’ll explain in plain English what blockchain is, how it works and why it’s so important in less than 1000 words. Let’s get to it.
What is blockchain?
At its core, a blockchain is not so different from a regular database. It stores information on things that happened in the past, with unique attributes, such as:
Decentralisation — no single party has control over what information goes in
Consensus — many different parties store exact copies of the same ledger, so the majority has to agree on the information being added
‘Add-only’, meaning you can’t edit what’s already there, you can only add information
New information can’t conflict with wh…