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Published On: Wed, Sep 11th, 2019

Understanding blockchain

Despite becoming a term heard more and more often in recent years (and especially in the last two years or so), blockchain is still a modern marvel that is largely misunderstood and underappreciated. While blockchain was initially designed to be the security framework that protected and secured cryptocurrency giant Bitcoin, it has since gone on to prove that it is a digital multitool. Blockchain has achieved what so many modern marvels somehow fall short of along the way to greatness. It is intriguing to realise that this is the realty for blockchain, even as it continues to be largely misunderstood. So, what is blockchain, and how and why is it so incredible useful?

The digital era introduces blockchain

As we dive deeper into the digital era, the blockchain revolution continues to become more and more prominent all the time. The world as we know it today is one that is fundamentally geared towards further ongoing digitalisation and technological advancement, and one of the single greatest innovations out there is by far the introduction and continuous exploration and subsequent expansion of blockchain. It has been a movement that has gone from strength to strength over the years and now, blockchain is one of the strongest and most popular multitools of the digital era. But what is blockchain in its depths?

photo/ The World Spectrum

What is blockchain exactly?

Put simply, blockchain is a decentralised encrypted security framework. Designed to thrive via a network of computers, the nature of blockchain is that it is incredibly difficult, if not impossible, to hack into. This is owing to the fact that, because blockchain runs on a network of devices, there is no one sole server to hack. All new information added (i.e. the “blocks” of the chain) must be verified by all computers (i.e. the nodes of the blockchain). If even a single device within the blockchain network cannot or does not verify the information as it is attempting addition to the chain, that information is rejected. This keeps the blockchain completely authentic.

Why is blockchain so popular and useful?

When it comes to understanding blockchain, it is important to really acknowledge how and why blockchain is so popular and so useful. At the core of the concept, blockchain allows for the privacy and security of data and other sensitive information to be shared, carried out, transferred, and stored in a way that not only enables greater privacy and security standards, but that ultimately brings to the helm a much stronger approach to privacy and security in the digital era.

This is incredibly important, because as we invest more and more of our energy, information, money, and time into the digital landscape, the need to ensure it is private and secure becomes more and more instrumental all the time. As the modern world as we know it continues to change and evolve more and more, it will only continue to become more and more important to protect and preserve all this input data and information. The digital era is the future, and blockchain is the privacy and security frontier leading the way.

Author: Ulyati Jaya

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