Early this year, Bitcoin made headlines when its value soared to over $15,000 dollars. People then started questioning the technology behind Bitcoin. Sure enough, blockchain technology rose into the consciousness of people inside and outside the FinTech industry.
According to the Merriam-Webster dictionary, blockchain is “a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network.”
Think of it as a spreadsheet that’s shared and distributed across a large network of computers, and each of these computers can permanently update the data at the same time.
Today, blockchain has applications beyond just cryptocurrency. Just imagine how it can be used to make elections more secure, how easier it can be to discover new artists and stream their music. With all the possibilities that blockchain offers, its vital for business owners and world leaders to understand how blockchain works.
Check out this infographic that explains how blockchain works in simpler, more digestible terms.