is a bit of a buzzword right now. It’s showing up everywhere. One only need to look at the number of publications using this word in their titles. And if you’re looking for a new name for your business, don’t forget to include “blockchain” in it. For example, The Long Corporation has changed its name to Long Blockchain Corporation. Their product: soft drinks! Thanks to this name change, their stock price tripled…
But what is a blockchain? For simplicity’s sake, we might compare it to an Excel file that would list how many tokens you own. (These tokens might represent money or something else). It would also list all exchanges between all the people who have owned tokens since the creation of the Excel file. This Excel file would have three extremely important properties:
- The identity of the people who own the tokens is unforgeable
- Every transaction carried out is validated by a proof of work from one of the participants in the network, and must be accepted by a significant portion of the network
- All transactions are linked by a chain. This attribute makes it impossible to modify the Excel file after the fact without recalculating all of the proofs of work since the file first came into existence. In this way, the file is protected against any attempt at modification.
- This Excel file is shared among all the people who own tokens