As stated by University of Calgary, Blockchain is, quite simply, a chain of blocks that contain information. It was originally identified in 1991 as a way to timestamp digital documents to prevent backdating – similar to a notary authorizing a physical document.
Blockchain remained relatively unused until 2009 when, after the financial crisis, many lost trust in banks and sought alternatives in a decentralized payments network. Satoshi Nakamoto took the concept of blockchain and transformed it, creating a digital crypto-currency known as Bitcoin. Bitcoin was different from other forms of currency because there was no bank or financial middle-man involved. People from all over the world could move digital money by validating others’ transactions. Only one person can own a Bitcoin at a time, meaning that the cash cannot be spent twice.
But blockchain is about more than cryptocurrency. At its heart, blockchain is a distributed ledger technology that is completely open to anyone – once data is recorded inside a blockchain it is very difficult to change it.
Do you want to know more about blockchain? Check out University of Calgary’s article about it.