What is Blockchain? A simple overview of the technology.

This article provides an overview of blockchain technology, what it is and why was it introduced.

Blockchain is a technology that allows secure, decentralised records of transactions, like a digital ledger that isn’t controlled by one person or organisation.

Blockchain — let’s break it down a bit.

Now you know that it is a ledger, meaning a record of transactions. Each of these transactions are added as “block” and linked to previous ones, forming a “chain”.

Why is it secure?

There goes a lot under the hood to make it so. Hashing algorithms, digital signatures, and systems like proof of work (or mining) ensure that each block is nearly impossible to alter without impacting the entire chain. These mechanisms collectively keep the blockchain secure and trustworthy.

Now onto our next question — why was it introduced.

How does anonymous, decentralised money sound to you?

Anonymous - With blockchain you don’t have to reveal your identity to make transactions— just a digital address. While it’s not completely anonymous, it allows more privacy than traditional bank accounts.

Decentralised - Unlike banks, which are centralised and controlled by financial institutions, decentralised money (like bitcoin or other cryptocurrencies) is controlled by a network of computers (nodes) across the world. No single person or organisation has control over it.

Blockchain has transformed how we think about security, privacy, and financial transactions, offering an alternative to traditional systems that many people find appealing.

It is still a young technology, but it’s potential to bring transparency, security, and decentralisation to a wide range of applications continues to capture global interest.