Technically speaking, blockchain is a shared immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It means virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Let me explain it in simpler terms.
We humans depend on central bodies for many aspects of our life. For instance, we depend on banks for every transactions we do. We depend on universities to provide with knowledge and degree for good job opportunities.
Now ask yourself, what happens the bank has made a mistake with your transactions or the server has been hacked and your money is not accessible? Or what happens if you are not getting the job you like to do or you missed a master’s admission because you scored less in a subject due to a fever?
Is there a better way to maintain transaction history among ourselves instead of banks or maintain skill transcripts among ourselves instead of a college?
Blockchain technology makes this possible.
We will learn how it does so in the next article.