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Blockchain 101:

What It Is And Why It Will Impact Multiple Areas of Your Life Soon

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You've probably heard the word blockchain before, but what is it exactly? In this article, we're going to give a brief, high-level explanation on what blockchain technology is, and what it can do for you or your business.
Decentralized, Censorship Resistant, Great for Peer-to-Peer Transactions
In the simplest of terms, blockchain technology is actually pretty simple. It's a way where a set of information (like a ledger or a spreadsheet) is shared across many thousands of computers over the Internet. Every few minutes, a new package of information is added to the system and permanently stored across the distributed network.

Let's give an example. If you put one dollar into a bank account, the computer systems that run your bank will update your account saying that you deposited one dollar. This information will spread across all of the bank's computers so that if you try to withdraw your dollar at another branch, you can do so. This is a kind of digital ledger.

But how is blockchain different? In the example of the bank's computers, those computer systems are proprietary and can only be accessed by that bank. This is a problem because it allows the bank to completely control your account, and even potentially freeze it or digitally lose your assets. It also means that the bank's computer systems present a single point of failure were a hacker could gain access and cause incredible amounts of damage.

Finally, not everyone can get a bank account. If you lack the necessary minimum deposit to open the account or can't pay the maintenance fees, you will be denied access to essential financial services.

Now let's compare this to blockchain. Blockchains are completely decentralized, meaning that they cannot be frozen or shut down by any single authority. Further, blockchains are distributed across many thousands of computers all over the world. For a hacker to directly attack a blockchain, they would need to completely overwhelm the network with raw computing power.

Last but not least, since blockchains are permissionless, anyone can use them no matter their life circumstances. There are no accounts, there are no account fees, and there are no bankers to say no to you.

In short, a blockchain is a distributed collection of information that is highly resistant to hacking, cannot be shut down by any central authority, and records on a blockchain cannot be altered once they are placed onto it.
BitClave Plays a Vital Role in the Blockchain World
BitClave is a technology company that operates its advanced applications through the power of blockchain technology. By taking advantage of this highly flexible and nimble technology, we are able to offer products and services unlike anything else the world has ever seen. To learn more about our offerings and how we use blockchain to create transparency, accountability, honesty, and value, be sure and read more about us on our insights pages.