Author: M Waqas Raza / Source: Hacker Noon
A friend of mine asked “Tell me about blockchain in 2 mins”
Let me give it a go!
What is it?
Blockchain technology enables peer-to-peer transactions without an intermediary while keeping all transactions data transparent in a decentralised storage and tamper-proof manner.
- It is a foundational technology.
- It provides Internet of Value (WWW provides Internet of Information).
- It enables distribution of trust in place of traditional trusted functions.
- Data or records stored in blockchain are immutable (cannot be altered).
- Its records are traceable/audit-able from origin to end.
- Smart contract features enable the automatic triggering and execution of events when certain predefined conditions are met.
- When applied and working with other technologies, like Internet of Things, it will enable automatic governance.