THE “TRUTH” ABOUT BLOCKCHAIN (PART 1)

It seems the blockchain revolution is in full swing. Blockchain technologies are the latest buzz across innovation both in startups and with big brands and agencies. It is arguably one of the largest breakthroughs in technology since the early days of the internet as we know it.

So, what’s all the hype about? What about the hype should we believe?

What Is Blockchain?

In simple terms, blockchain is a method of storing data in a decentralized network, versus the prevailing centralized approach. A blockchain is, as its name suggests, a linked set of records that grows as new data is added to the system. A “block” contains a hashed key that links it to the previous block, a timestamp for when it was altered, and transaction data. Once recorded, data on the blockchain cannot be changed retroactively without the alteration of all subsequent blocks and a collusion of the network majority.