What is Blockchain in layman terms

What is Blockchain in layman terms

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Blockchain in layman terms

What is Blockchain?

Blockchain in layman terms.To make you understand in simple language, Blockchain is the chain of various blocks that carry information in the highly secure way. The uniqueness of this technology is that it creates a timestamp on every block created & as a result of it, it is impossible to backdate or temper any information stored in the blockchain. Due to a high level of security, it is emerging as a potential new technology for carrying out secure transactions like currency, property, money & contracts etc. It is capable of performing financial transactions without any financial institutions intermediary like banks. Post data updation in blockchain it is almost impossible to alter it.

Like any other technology, it is also a software protocol. However, the internet is mandatory to operate blockchain. Due to its wider impact on other technology, it is also known as meta-technology. There are several components to blockchain technology like a database, connected computers, software application, etc.

What Blockchain is not?

The first thing that we need to understand that blockchain is not a Bitcoin. The blockchain is a much wider concept than bitcoin. It is a technology platform behind the bitcoin. You can have blockchain without the bitcoins but it is impossible to have bitcoin without Blockchain.

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Written by Nitin Sinha

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