A Brief Introduction To Blockchain – For Normal People


If you’ve tried to dive into this mysterious thing called blockchain, you’d be forgiven for recoiling in horror at the sheer obscurity of the technical jargon that’s often used to frame it. So before we look at what cryptocurrency is and how blockchain technology can change the world, let’s talk about what blockchain actually is.

In the simplest terms, blockchain is a digital ledger of transactions, not unlike the ledgers we’ve been using to record sales and purchases for hundreds of years. The function of this digital ledger is actually quite similar to the traditional ledger in that it records debits and credits between people. This is the basic concept behind blockchain. The difference is who maintains the ledger and who verifies the transaction.

With traditional transactions, a person-to-person payment involves some kind of intermediary to facilitate the transaction. Suppose Rob wants to transfer £20 to Melanie. He can either give him cash…

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