What is blockchain & how does it work?

The solution used by many of the world’s largest digital currencies is the blockchain. First implemented in 2009, the technology consists of 'blocks' that hold batches of timestamped transactions, with each block linked to the previous one through cryptography, thus forming a chain.

What is a public blockchain?

A public blockchain, also known as an open or permissionless blockchain, is one where anybody can join the network freely and establish a node. Because of their open nature, these blockchains must be secured with cryptography and a consensus system like proof of work (PoW).

Is blockchain a disruptive technology?

The promise of same-day, seamless, low-cost, cross-border payments—instantaneous payments using blockchain—is one that truly is disruptive. To be fair to the industry, the major players have looked at this technology, but there’s always going to be a bit of a defensive play.

What happens when new data is added to a blockchain?

When new data is added to the network, the majority of nodes must verify and confirm the legitimacy of the new data based on permissions or economic incentives, also known as consensus mechanisms. When a consensus is reached, a new block is created and attached to the chain. All nodes are then updated to reflect the blockchain ledger.