Blockchain = Block + Chain = listOf(block)

The concept of blockchain technology is set to revolutionize not just the finance or healthcare industry but many aspects of business, government and even our personal lives. The problem is that there is so much hype and misunderstanding out there, which made me take a step back and explain the basics of what blockchains are and how they work — in a very simple way, that hopefully, anyone can understand, even with no prior technical knowledge necessary.

Blocks in the blockchain consist of digital pieces of information and specifically have three parts to them:

  1. They store information about transactions like the date, time, and the amount transferred
  2. They store information about participants. For example, it will contain information for your purchase from Amazon on a record with your name along with Amazon.com. But instead of using your actual name, your purchase is recorded without any identifying information, it is referred to as “digital signature” and is sort of like a username.
  3. They store information that helps in differentiating them from other blocks







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