The ultimate beginner’s guide to Blockchain [Infographic]
You’ve surely heard of blockchain by now but that doesn’t mean you actually understand what it is. Don’t worry, we’ve all been there. The technology is complex, no doubt about it, which might be the reason why not many developers are interested (yet!) in cultivating this skill. Let’s make this technology more digestible, shall we?
With crypto-currencies like Bitcoin becoming increasingly popular, users are troubled with the difficulty of keeping track of transactions with the same degree of safety and anonymity that Bitcoin offers. The solution to this problem is in a similar cloud computing concept that has come to be known as Blockchain.
In simple language, a Blockchain is like having people around you be a witness to what you pay someone. Only, in this case, it is not as much a person keeping a record, it is a set of computers. What you pay someone, it is recorded with both your internet identities (the ones you operate as, not your real ones should you have chosen to hide them) and then sealed as a page. This page is then locked in folders in multiple members of the system. The page being a block and the many folders constituting the chain, you get a Blockchain.
It’s super easy to have your transactions recorded so you have proof as well as a record of monetary transfer. It’s almost like a bank passbook for your internet crypto-currency. Blockchain can also reward participants so they can recover (some) cost of their device capacity used and also the electricity the data recording consumes.
As the world moves away from paper money and delves deeper into international monetary exchange making the globe one giant mart of products and services, blockchain is set to grow. In fact, market giants like Walmart, Maersk and Barclays are already using the technique in a big way. In time, this could become the main method of payment as opposed to money transfer services that cost a pretty steep premium. It could help democracies become more transparent by making sure no counterfeit votes are cast. It might even change the whole face of how we are identified and recognized in a more and more automated world.
And now, the infographic!
If you’d like to learn more about blockchain and meet the top movers and shakers in the global blockchain scene, join us in London next month.