What is Blockchain Technology?

Updated: Jul 13

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A Beginner's Guide

To get first-hand insight into what blockchain is and what it means for modern commerce, you'd have to speak with Satoshi Nakamoto, the figure who started it all with Bitcoin back in 2008.

Only, you won't be able to speak with him. Because, no one knows who he is.

That's right. Like Banksy and the JFK assassination, the true identity of Nakamoto remains an unsolved mystery. And with such enigmatic beginnings, is it any wonder that so many of us remain completely mystified by the whole idea of blockchain?

This is a shame, though. It's a shame for two reasons: 

  1. The blockchain is something that could revolutionize the way we approach commerce and finance. 

  2. The blockchain really is not so difficult to understand!

So, let's get into it. Consider this your primer on everything blockchain technology, and your stepping-stone into an exciting world.

What is the blockchain exactly?

Blockchain for Beginners

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The blockchain is, like many revolutionary pieces of technology, actually pretty simple.

The blockchain is a record of transactions that take place across a payment network.

Straight away you can see that, at a basic level, the blockchain is straightforward and easy to understand.

Of course, there is a bit more to it than just this.

• The blockchain is secure.

• The blockchain is reliable.

• And, above all, the blockchain is immune to manipulation.

It is these three elements that make the structure so important to cryptocurrency networks. Let's take a look at this in a little more detail.

The blockchain vs. traditional payment records