Need to Know: Blockchain – TvTechnology

From using an app to order your morning latte to reading an eBook before bed, we’re living more of our days — and our lives — online. As digital footprints grow and cyber infrastructures mature, more industries are exploring potential uses for blockchain. Blockchain is shared ledger technology for recording transactions and protecting the integrity of digital information.

HOW DOES IT WORK?

Imagine having a ledger book and inputting all relevant data about a purchase. Instead of sliding that ledger onto your bookshelf, you make it public and give a tiny piece of it to hundreds of others. The ledger can be seen as a data, but it is secure due to its advanced encryption. Blockchain is that distributed ledger, and it is not housed on one server. No one person or one server contains it. It is fundamentally decentralized.