What is the blockchain?

Spencer Batten poses for a picture at the Infomedia office

“Blockchain” is a word that’s been floating around a lot lately, so you might be wondering what that means. Think of it like this — you have a flower shop and a customer purchases flowers. The flower salesperson has a ledger that they keep track of, and they’re marking where something gets sold. At a high level, that’s how the block chain works. 

There are different ledgers of transactions from different people that are constantly being replicated to each other. So if someone pays another person for a good or service on the blockchain (in this case, it would be paid in crypto currency), that transaction gets serialized on the blockchain and gets replicated between everyone that has a ledger on the blockchain.

The blockchain can be thought of as a record of transactions for crypto currency. If you use a form of crypto to pay for something, it’ll be on record in the blockchain forever. The blockchain is highly encrypted, meaning that it’s very secure — which is a lot of the reason why it was created in the first place.

Spencer Batten

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