A concept introduced by the mystery person doesn’t necessarily have to be a mystery anymore for everyone who wants to understand what a Blockchain is.
With Internet and cloud it’s easier now to access and view information anywhere from the world and even view their sources. Just when I am saying that , I realize to myself, just a few years ago we used to write letters and wait for the postman to deliver it for us. And not aware of ,if the letter would reach or not. No way of knowing it unless we got a response after a week , a month or even a year.
Soon after, internet happened and it did take over our everyday lives. What an evolution that was! Few months from now, I would be telling the same thing about the Game changer called Blockchain.
To make sure you are not lagged by what is happening around the whole new terms like Crypto, Decentralized system ,Bitcoins, Altcoins etc, below I have put together a simple and an easy way for you to understand what is this concept of Blockchain that is keeping the cryptocurrencies you keep hearing together.
Blockchain is a simplest form of shared ledger with no central authority, that’s just the business definition . Below an example
- Assume that with the everyday excel spread sheet we use, we are tracking down on how much of money you lent each of your friends and how much they returned.
- In block chain, this spreadsheet can not only be viewed by you, but also everyone who would want to view it has the permission to view it and update it.
- So now you can view the spreadsheet and update any information you like in it, but not delete any updates you have made to it.
- Well life has become simpler now, So now assume only 2 people were involved in this whole money lending and borrowing business. How would it be if say 10 people were involved, 100 ..200?
- So that’s when the distributed system with just one central processing unit for all these 200 people come into picture.
- Now all these 200 people involved can go and edit and update the spreadsheet but remember the information in that sheet cannot be deleted by anyone!
Isn’t that super cool. So history is well tracked. You can’t cheat here, everyone knows. Everyone know quite well what is happening with the money spent or lent and where it was sent.
Now this is just one side to it. But I will put a stop here and let you think, what all you could do with this concept and until what extent can you think you could implement this. Think about all the people who are trying to be corrupt do with this technology being implemented in everyday lives.