This Thing Called Blockchain… [Beginners Guide]

Introduction

My friends and family members knowing my educational background and passion for new technologies, frequently ask: what is this blockchain anyway, is it true I can make some money on it?
After many such situations I decided to write this article, which I hope will be digestible even by the less technology inclined ones.

Disrupting technology

The blockchain is a new technology that provides (almost) free-for-all ledger records of all transactions within its boundaries. It is also a transfer system in which parties can send, receive, and keep digital coins for a variety of reasons. Thus, it is important to understand that cryptocurrencies are just sphere of the blockchain, which holds a lot more applications in the real world, not just holding coins of value. Apart from transactions, any sort of information can be recorded. Any of the records cannot be changed on the latter date, as to provide complete transparency.

Innovation in Blockchain

As mentioned before, the blockchain technology went a long way to establish its base in financial systems around the world. Through ICOs (Initial Coin Offerings) and companies that develop the said network, a lot of interesting projects were established in recent years.

Source: News Bitcoin

Application in Various Industries

The blockchain is not meant to be worlds apart from common business industries. On the contrary, many of these systems aim to fix issues that the current system faces, in terms of centralization, monopoly, the speed of information & fund transfers, and transparency.

Scams and Hacks

Although innovative, blockchain is also prone to be misused, as with anything else in the world. There have been many platforms that offered too-good-to-be-true systems for investors to dive in, especially through ICOs.

Coins and Tokens

As a result of blockchains, tokens, and coins came to life. Currently, there are over 1.000 cryptocurrencies that signify the same amount of blockchain n networks in the world. These tokens are used as a medium for payment and value transfer within their own systems and are used to transfer value from all corners of the world.

What About Mining?

Conclusion

All in all, blockchain provides promising solutions to issues that our financial systems and other industries currently face. However, there is also lots of room for improvement, signifying the need for innovation especially in the crypto world.

Business adviser and project manager fascinated by how new technologies, like blockchain and AI, revolutionize economy and create new business models.

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