Tech Explained: Blockchain

Tech Explained: Blockchain

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A lot has been written about the use of blockchain in crypto-currency transactions. To find out how blockchain works, and why is it so talked-about, we first need to consider how a traditional transaction works. In most transactions, a trusted middleman, such as a bank, holds all of the data related to the transaction. This could include the amount of the transaction, contact information, type of payment, bank balance of the buyer, etc. This data serves as a guarantee for the transaction. A blockchain replaces this centralised middleman. It can be thought of as a digital ledger. In fact, blockchain is often referred to as distributed ledger technology.

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