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What Blockchain Is.

Think of blockchain as a new revolution, an innovative invention brought to life by a person or a group of people known as Satoshi Nakamoto. This revolution is the modern way of organizing data.

But how? How does it really work? Here is how blockchain works.

Let’s assume you want to buy an iPhone from me. You are no iPhone savvy to tell whether it’s genuine. Or not. You would need to research to be certain that the iPhone is genuine. Simple, right? It’s impossible to trust me. To trust each other.

So, there is no trust between two parties. What to do?

We need a third party. Who will help lower the risk on both sides? Without favor! Tricky, right?

Assume now we have IPhone blockchain. First, you would have to look up on any information needed to verify about the phone.

Blockchain technology comes in handy in our tricky situation. How? It eliminates the third party and increases transparency. Do you remember what the Great Dalai Lama said about transparency, He quoted “A lack of transparency results in distrust and a deep sense of insecurity”?

So now we have this blockchain technology which is more of an open book. With everything you need to know all on display. Think of production, supply chain and owners. All the data there is, is entered in the blockchain at every stage. With time, this data multiplies to form blocks of data. And safely stored/hosted on millions of computers. Talk of accountability, validity and an end to the era of manipulation!

We now have blockchain as a decentralized technology. How decentralized?

Remember our third party? Can they alter the records? YES. And judge without fear or favor? NO. They ain’t no God.

Unlike this, blockchain data cannot be altered. Assuming a seller goes into the chain and deletes something from the records. What to do?

Blockchain intelligence will compare the seller’s records to all other records. When the alteration is noticed, then it will require rebuilding of all blocks above the changed one. The combination of these blocks provides immunity to unofficial changes.

Blockchain therefore provides excellent proof of prior existence.

Interesting! But how do you secure all this data?

Blockchain data is secured with a military grade encryption. In theory, such kind of data ensures that after a certain amount of data has been entered and each and every additional data is chained to the previous one. This not crackable at any time since the combination of keys are massive. This ensures that it is hacker proof.

What kind of data does blockchain accommodate?

Think of everything and anything that has value. From financial transactions, identity management, IoT, smart contracts, supply chain auditing, land title registration and last but not least governance!

Talk of disruption in all major Industries in the world: Trade, Finance, Insurance, e-commerce, voter registration etc.

The technology employs cryptography as well, a mathematical method used to encrypt and decrypt information. This means that blockchain can effectively secure the identity of the sender of any given transaction.

This instills confidence in the users. Security and legitimacy all enhanced! What a World! Imagine living in a world where you are trusting your finances, your assets, anything you value digitally.

Ladies and gentlemen it’s a revolution. Join the movement, a movement of changing the world. It’s unstoppable, It’s clear. There is a vision. Embrace the change. Embrace technology!

Author: Victoria Makena.