BLOCKCHAIN – MASSIVELY SIMPLIFIED

Blockchain is a system of recording information that makes it difficult or impossible to change, hack, or cheat the system (Immutable). A blockchain is a digital ledger of transactions that is distributed across the entire network of computer systems on the blockchain. This, is in contrast to the existing single instance ledger or database architecture. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to the ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain transactions are recorded with an immutable cryptographic signature called a hash. Blockchain and its associated applications solve many of the world’s current challenges. There are many trusted applications; identity management, insurance, finance, cross-border payments, cybersecurity technologies, supply chain and many others using smart contracts that do not need the array of intermediaries needed to process these transactions manually. These old and outdated methods contribute to delays in processing, which in turn creates massive and unnecessary overhead