What is blockchain and why the hype?
Understanding blockchain — an immutable, decentralised record
What is a blockchain? A blockchain is a shared and replicated ledger that lives on the Internet, where each block represents transactions that cannot be duplicated or erased. Blockchains are immutable and decentralised, controlled by a community of users rather than a central authority or independent intermediary. Why the hype? Blockchain technology solves the problem of double spending without the need for an independent third party, such as a bank, to verify transactions. This means that once you have transferred something of value, such as a property, to someone else and received payment for it, you cannot sell that property to someone else. The transaction is recorded in the blockchain forever. What is blockchain used for? This is where the hype has waned somewhat. There are many conceivable uses for blockchain, but currently use of the technology is limited primarily to powering cryptocurrencies, such as bitcoin. Bitcoin runs on a public blockchain where users have keys similar...
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