A blockchain is essentially a public, immutable digital ledger. Once a transaction is entered, it cannot be easily changed. An analogy may be useful in explaining how it works.

Consider the days when people used a chequebook register to keep track of their purchases and payments. Extend that to include countless transactions by millions of people, and imagine that thousands of computers have copies of the register. Before a transaction can be recorded in the register, it must be verified by each computer. A transaction is written in permanent ink once it has been verified.

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What’s Special about Digital Ledger?

The register keeps track of transactions for a set amount of time, which can be as short as 10 minutes. When the register is full, it is stapled shut and labelled with a unique alphanumeric sequence that allows it to be identified. After that, a new register is started and glued to the first. Eventually, you’ll have a chain of registers.

That is, in essence, what a blockchain is. Because these registers are stored on so many computers, they are essentially unchangeable and unhackable. To continue the analogy, you’d have to go backwards, ungluing each chequebook until you got to the one with the transaction you want to change before making the change. This process would have to be repeated for each copy of the register. You couldn’t do it without drawing attention to yourself.

The most significant advantage of public blockchains is that once information is logged, it cannot be changed. There is a permanent record, and because the ledger is held by many entities, hacking is nearly impossible.

The entries are also made under pseudonyms, ensuring privacy, and no single person has complete authority over the ledger. Because of this, blockchain is ideal for bitcoin and other cryptocurrencies.

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Applications in Practise

Blockchains are being used by businesses to manage pharmaceutical information, track freight shipments, and trace the origin of food. Each application emphasizes blockchains’ ability to keep a complete record of data in a system that cannot be easily changed.

The widely used example of using a blockchain to track food production and distribution Proponents argue that it would improve safety and make it easier to track down the source of a salmonella outbreak. RFID chips or QR codes would be far more convenient. Such technology produces a more reliable record because it eliminates the need for a person to manually record the data on the ledger, which invariably introduces human error.