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.

Phases of…