What is blockchain?

We’ve really entered the age of the buzz-word – ‘big data’, ‘innovation’ etc. It looks like Blockchain might be next on the horizon. But what is it? Blockchain is a technology that allows all users to know who owns what, when. It is the same technology behind Bitcoin, which has helped propel it into headlines today. At its most basic level, it works off of a digitized ledger that every party in the chain has a copy of. Given this transparency, it means that there is an immense amount of collective security. The bigger the user group, the more the security.

It’s important to note that there are two types of blockchain – public networks and private ones. The difference is quite simple really, but important. Public blockchains are like bitcoin: available to anyone. Private blockchains are closed – ie. A group of organizations using a blockchain between them to exchange a certain type of information. At present, bitcoin is the major public blockchain. Most parties in attendance at the event that were working with the technology were using closed platforms to understand the ins and outs of its functionality.